As Jack said, Red Falcon, you can only see your own reputation. In the User CP you can see the most recent reputation given and the comments as well as the total points you have. Neither of those things are visible on your profile.
What will happen, as time goes on, is that green dot on all of our posts will become more green dots. We don't know yet what the parameters are for how many points you have to get for an additional dot. And I'm pretty sure that it will never display red. The worst that will be shown when people hover on someone's reputation is "User is an unknown quantity."
(For those who have been getting some good rep, if you hover on the green dot you can see "User is on a distinguished road." )
Apart from the dots, the only other way to see people's relative rep is to sort the members list by reputation. And even that doesn't tell you how much, or how little, reputation someone has.
Also, if anyone sends you abusive messages that upset yo via the rep system, you can report it via PM to one of the mods. When Gem activated it, she said she would be watching out to make sure that it isn't abused.
But mostly: Either ignore the whole system if you think it is silly, or us it and give people reputation when they are helpful, or funny, or have a good idea or anything else that you think is beneficial to the forums.