I think the current point system is too much geared towards setting a possible incentive for newcomers, but has increasingly less visibility to offer for the forum veteran. In my opinion, the progressive levels make no sense. The only progressive challenge this system has to offer are the additional years of participation it will take to reach higher levels, which is discouraging. The essential lesson to learn from such a ranking system is that the more effort you put in, the less you get in return. And currently, nobody has even reached the highest level.
What reasonable reason exists to require that the site's top 1 should have to make another 300'000 points to reach the Hall Of Fame, or likewise for no. 2 to make another 500'000 points? To make matters worse, to reach the site's top 10 is anyway not realistic for 99.99 % of the people and highly depends on the traffic and audience of your favorite forum. I suggest that the current top 10 should already be in the Hall Of Fame or highest level, and instead divide the remaining levels in a linear and more realistic fashion. The sooner newcomers learn that points are not for free, the better. A linear system will also make it much easier to judge people's experience based on level perception, e.g. level 4 is twice as difficult than level 2.