I agree that it currently is too cluttered, but I am not sure of the solution. I agree that at least admins and mods should have titles, but it would be nice to have titles for others as well, again, Warcraft themed. And you can adjust the post count number in relation to the titles, so for example, you could have:
5 posts - Peon
10 posts - Something better than Peon.
You don't have to have a huge number of posts. Karma, I'm not so sure about. It's not horrible, nor great, though it is nice to be able to give people Karma. I'm not one to subtract Karma.
Overall, if this is community based, I'd let the poll sit for a bit and see what the community has to say.