I think you're right. The reputation system is, in general, a very good idea. However, one potential unintended consequence is that it increases individual acts of self-censorship to avoid the (probably very small) chance of annoying a whale and blowing one's hard-earned reputation. These acts of self-censorship might be individually rational but, collectively, do enormous damage to the value of the network.
So, yes, this does need some careful thought with regards to centralization effects and unintended consequences.
@sunjata
That's correct, there is a censorship in place.
How this will get manipulated!!! just by simply voting
This self censorship you bring up, I am pretty sure that is the goal. It is the panopticon theory, where you freak people out enough that they police themselves. Be careful what you think, or you will be made invisible and unprofitable.
Interesting development for a free speech blockchain based social network...