My upvotes/downvotes are worth 2 points each and my supervotes are worth 6. A person with between 10 and 100 karma on the forum has an upvote worth 1 and a supervote worth 2 (the scaling system is described in this code here I think)
My concern is that this system lends itself to groupthink, whereby the dominant views or topics are liable to get more karma, giving holders of those views more voting power, giving users that makes posts they agree with or that they see as relevant more karma, etc.
Dissenting opinions or posts not of interest to the in-group are liable to be downvoted (although karma is meant to reflect quality or relevance of a post or comment, this is of course misused), which both hides those comments but also puts off dissenting voices from commenting/posting in the future.
The justification for the current system is that people with more karma are more likely to be have better understanding and judgement, less likely to be sockpuppets or trolls and so are better positioned to vote. This is a system ported over from LessWrong (described here).
Concerns about the scaling system have been discussed on the forum previously, for example here.
Is this system more beneficial than harmful?
On a typical day the forum has like 10 posts and like 30 comments. A subreddit like r/excel is roughly 3 times as active as this forum, and is moderated entirely by volunteers. I do not think it would be very difficult to moderate the forum without a karma system if people chose to do so.
I would say the people with the most karma are the people who comment a lot with a content that is in line with the tone of the forum. This seems like it serves to reinforce the status quo of forum norms. Whether this is a good or bad thing will depend on your opinion of said norms: for example, I would prefer this place be a bit more tolerant of humour and levity.