I really have no problem with the new system, this encourages us to think more, and to participate more with other people in the forum and soon enough we will get our merits. I just hope that admins will at least decrease the number of merits needed to level up, I guess increments of 20 merits will be fine enough as long as there is only a limit of 1 merit you can receive for like a day or so. The merit system now is somewhat biased though as a person who has a lot of merits can give out 50 merits in one post rather than distributing it to others with such good posts as well, so I guess a limit of 1 merit per person per day would be fair enough. The receiver of the merit is only limited to receive 1 merit per person who merits his post so if he could get 100 persons who likes his post for that day then that is an instant 100 merits for him.
I dont think limit on merits per person per day is a good, appropriate choice. That should depends on the level of quality of each post and, of course, generosity of each merit senders. Let's everything work naturally, human will manage the merit system automatically.
limit of merits per day will add extra proofing on the system so that people would not game on the system. There are a lot of people giving out 20 or more merits but if you read the post it is not that good to be merited 20 merits, Rather than giving it to a single person why not spread it to others with also good post. Your generosity is not determined by the number of merits you give to one single person but the number of persons who are thankful for the merit you gave them even if it is only 1 merit, that is already more than enough to let them know that they did great on their post.