It would have been abusing if I left 70 merit from killyou72 onto killyou73
Especially given that you can only give 50 merit to an individual

Is that true? I thought you could only give 50 PER POST.
Killyou, you can only give one person 50 merits per month.
Yikes... is it just me or does the merit system seem like it might worsen the account-farming problem even further.
I don't think it will. The existing accounts wishing to create/farm alt accounts will have to burn a lot of their sMerits just to get their new account to a Member level. The cost is clearly not worth the benefit.
This merit system will help Newbies and the rest of us learn what the community feels is a merit-worthy contribution. This is going to be a great thing!