Your PC is making a name for themself in the town. NPC's start to know who they are.
Your PC is kind of a big deal. Notable NPCs are more willing to wheel and deal with you.
Your PC's name will be listed in the Archives records as an important figure in the town (listed on the LegendKeeper page for the world).
You also get a new server role: Pioneer
Your PC is a town hero. Folks look up to you and notable NPCs view you favorably.
Your PC earns a place in the 'Tome of Heroes' in the Archive. (PC gets their own page on the LK site).
You also get a new server role: Voyager
Get a boost to your income. Each day you can run =use community.
As you gain reputation opportunities will become available to 'spend' the reputation points on magical items, information, or other boons. Spending rep does lower the number you have but doesn't change your clout around the town.