The most reputation (by # of reppers anyways) I ever got from a post
was a painfully awful play on words, so I think that speaks to how good of an indicator it is of technical knowledge. At the same time, I try to give green dots for useful technical information, but I'm not above giving points for especially funny jokes.
One of the kind of amusing things though is that since the # of points you give out is determined in part by how many points you have and the values of the green boxes have never changed the bar for getting a full green bar is significantly lower today than it was 5 years ago. I've always wondered if Brandon had a way to look at that, I think it would be really cool to see the exponential growth of reputation over time.