Does the Karma system work?

[Gawyn_Trakkand]

Ok we all know that giving karma seems to be broken, As in i give 1 bit of Karma and i can never give it again no matter how much karma i spread but thats not what i mean.

What i mean is does it work to catogorise forum users well?

For instance..

2+ boxes of Green below your name = will be famous soon enough or has a spectacular Aura.
I believe these too be awesome people that everyone respects. So accordingly everyone with this ammount should be a nice person or post awesome topics/posts.

1 box of green = Distinguished road/will be famous soon enough.
on a distinguished road seems to be to be the average joe of the forums neither being massively liked or disliked or maybe liked by some and disliked by few. will be famous soon enough with 1 square would be the kind of person again well liked in the community and respected.

1 box of green (continued) = An unknown quantity at this point.
This desription is left for those that the communtiy doesnt abhore but is none too friendly toward, sometimes posting good issues and threads but alot of the time seen in a flame war or posting less than meritable posts.

1 box of red below your name = has had a little shameless behaviour in the past.
This one to me is for those that have been banned multiple times and have also rarely had anything constructive to say and may also be a very offensive person.

These are all how i see the people with these ranks and my question is

Do you think the Karma system works in giving people an idea of what that person is like on forums. Whether to take what they say with a pinch of salt or to read and take on board what the user has posted. If you dont think it does then why not and if you dont agree with the Karma rank you have why not?