Quoth "jacquesmattheij.com/The+Unofficial+HN+FAQ":
"You can only downvote comments once you have sufficient karma. The required level rises over time to account for the karma inflation caused by an increasing userbase."
"high average score on your comments will give your comments preference in the search order (this is part of the ‘secret sauce’)."
"If there are no real big benefits to having a good or even excellent karma you might want to conclude that it doesn’t matter at all, but that is definitely not the case, since having ‘bad’ karma (< 0) will negatively impact your ability to interact with the site."
The italics in the last one are mine since I'm not entirely sure what that means.
I have also heard that at some karma level HNers get to change the colour of their topbar. How jolly!
Do we have a comprehensive list? If the levels are subject to inflation then perhaps a correspondingly definitive "price guide" can't accompany it, but any information would be interesting, out of date or not.
At 401 you get to apologize for accidentally downvoting someone.
At 419 you get lucrative business opportunities.
At 420 you get baked.
At 451 you get [deleted].
At 777 you get lucky.
At 1337 "they" teach you the Secret Handshake Deal Protocol.
At 1999 you have to update a million lines of COBOL in order to advance.
At 2010 you get to complain that Hacker News is turning into Reddit.
At 2600 you get to make free long distance calls.
At 3003 you get your TI-83 taken away and returned to you at the end of class.
At 4352 you get to get to post a jokey self-referential comment without anybody complaining that Hacker News is turning into Reddit.