There have been a few threads about awards, but they aren't really helpful. There are some obvious things that shouldn't be done - selling merits, exchanges between friends, and using merits as rewards for various actions such as ICO promotions. Really good technical help posts should receive awards. For example, if someone posts a detailed guide which helps a member to recover lost coins, then I think he should be rewarded. Unfortunately, this often doesn't happen, mainly because the advisor is a Legendary, and the feeling is that he doesn't need merit. I think that ranking should be a secondary consideration, the main factor is the quality of the post.
Another difficult area is the social aspect of Bitcoin Talk. It's primary function is as a help, advice and discussion forum about Bitcoin, and recently about other crypto-currencies. However, there is a lighter social side, and keeping this active is of benefit to the forum and its members. Should merit be awarded to good entertaining posts on the social boards?