A brave little theory, but I'd like to raise a few issues:

their ability to access and post in various parts of the site are connected to how much respect points they have

Interesting, but if that logic were applied here, then you wouldn't even be able to log in, let alone post (just found that rather amusing).

The end user has full control over their own threads and posts

Which means that ultimately they can't realistically be held accountable for their actions on the site.

voting can only be done in a constructive manner. (I.e statistics are derived from thumb up's only.. there is no need for thumbs down to exist.)

A world where you can only heap praise on something, or be apathetic to it's existence, with no ability to say "no I think you're wrong, and in fact I disagree with you", sounds like hell IMHO.