For example: a newbie would only be able to assign one point to a comment he's upvoting, but a user over a certain threshold could assign two points. The user that has even more karma (and is over the next threshold) could assign three points and so on. Users should be able to decide how many points they want to give to each comment.
The same should apply to downvotes. Prominent HN users should be able to make their downvotes "hurt more" if they want to.
Also, these thresholds could be used for "downvoting penalties". For example, a newbie would lose 4 points when downvoting, but a user over the first threshold would only lose three and so on. Users with karma above one of the thresholds would no longer lose karma when downvoting.