It works quite well. I'm much more true to myself and get into fewer combative situations. I bet it would reduce complaining to mods on HN as well. The site could still use points exactly the way it does behind the scenes, but users would be less concerned about their own status.
Hiding it for everyone would be more radical and kind of scary to me. But we could maybe try it temporarly just to see what happens.
Helped out, I think. Along with carefully practicing not escalating and picking when to just not comment.