For example: My comment here has more upvotes than your post right now, does that mean I deserve a larger reward?

I got your point before 8-). It wouldn't get a larger reward if the reputations of all those upvoters would be taken into consideration, though. Quoting myself:

I was thinking about rewarding, for each vote, (voter reputation / a) + (current formula reward / b), with a and b calibrated to give a more even result without upsetting the total reward pool too much.

How would that fail? Just asking, am learning.