Basically, MeowMeowBeenz is this social networking app that ranked users with a peer-rating system; those with a better ranking had more weight attached to what they rated.

It sort of works like that. "Steemians" with more "steem power" have more weight applied when they upvote a post. Their vote is worth more SBD to the author of whatever they upvote. Technically, the more steem power you have, the more flow control you have in where the money goes and to who.

Then there's rep, which is that number next to everyone's name. The higher the rep of someone who upvotes your comments, the more effect it has in building your own rep when they do.

So, steem power and rep are two different kinds of clout. Of the two, steem power is the only one that has a real effect. Rep, to my understanding, is merely a non-binding reference number that shows that an abstract number which shows to what degree members who produced worthwhile content find your content to be worthwhile.