I play a bad guy who kills each sunshine I meet. Its dangerous work, therfore I deserve a heap of xp.
Sure -- along with a notorious reputation,
wanted posters in cities, hyper-aware citizens, bounty hunters, vigilantes, and increased guard patrols. Hope you don't need anything from the general store.
Very good idea for curbing the players who are killing everyone and everything to gain (wrongful) XP!

"Reputation" has nearly no influence on the game....
I would like to see that "Reputation" and "Charisma" really matter!
Example:If you kill a good guy, "wanted posters" will appear in the Cities and it will be much more difficult to get and complete quests and the guards will have more and more an eye on you!
This sounds like a good idea. But you have to do it right.
A bad example is reputation in baldurs gate1+2. It goes up automatically when you finish some quests. You have to kill or steal randomly to lower it. Edwin, Viconia or Korgan may be good (sorry, evil) chars, but I never used them because I hit max reputation fast and I did not want to kill or steal just to keep them in my party.
At the moment I play Vampire the Masquerade Bloodlines. There you have the humanity value. You can have different dialogue options when it is very high or low. This gave me an idea:
I think we know for sure that chars in D:OS2 will have some tags. Some of them are fixed at char creation (race, gender, background) and some will be earned by your actions. I do not know how they will be called, so I use the names from Pillars of Eternity. You have a system of tags that oppose each other. Lets say cruel vs benelovent or stoic vs passionate (It is not neccessary to have 2 opposing pairs, maybe its something more complex like the tides in the new torment). If you follow one extreme way, you get new options that are extreme in this way, but it is harder for you to chose opposing ways. If you stay in a middle ground you have more options, but you miss options that are extreme in one way or another.
example: You have the option to be mean or nice. If you are mean all the time you gain the option to torture, kill or rob those people to get what you want, but the nicest things you can say is: "This is your lucky day. Today I am not in the mood of torturing you to death. Get lost before I change my mind". So when you are mean, it is hard to get back on the nice side.
If you are nice all the time, you get the option to heal that person, give him some money and escort him to the next town. But the meanest thing you can do is that you say you will send a letter to the local judge if he does not give you the money you deserve.
I admit that this restricts players who want to play a chaotic char who changes his mind often. In reality you can torture somebody one day and save somebody else the next day. If you do so, most people would call you an insane psycho. maybe the game should do the same.