Sure it does.

Before the system, I really don't care that much. But since it started I'm beginning to understand what really is the goal of the system. And eventually I've realized that, many people do really have very very helpful thoughts, that may be based on facts or even opinions.

So, I've began to read more, and discover many topics that I've yet seen, with that I've known many members that really knows their thing. I mean people, I began to recognize those people and learn significant things from them. And these people deserve to gain Merit.

Some minor goals are to reduce spams and to know who really deserves to rank up. Because then, the rank is only for how long have you been active in the forum, but now with the System, the rank does matter.

You might also want to check this topic, if you're curious about the movement of Merits: 3 Merit Stat After a Month of Merit

EDIT: There has been yet another infograph(s) that is related to the Merit System: Where the Merit Pours?