It is amazing how much reputations affect us. If something is supposed to be good, we are far more likely to try it out. If something is bad, we will likely avoid it so much, based solely on reputation, that you would never have the opportunity to find out for yourself.
In terms of people's reputations, it can be a scary thing. A reputation is like a filter through which others see us. When somebody has a reputation for being a liar, you may never believe what they have to say. If their reputation is for being genuine and helpful, you may never realize that they're robbing you blind.
Reputation can be a handy tool. It is a way for people to learn from the experiences of others. The problem is that not all people have the same taste, so reputations are never 100% true for us individually.