'Tis a shame the reward got removed. But you know, before you can give someone the "Respected User" award, you must first understand the very meaning of word "Respect", so let me tell you... The word 'respect' origins from Latin word 'respectus' which literally means "act of looking back at one,"... nahh, just kidding. But anyway, Mr. Bob put it very nicely:
But the award is basically to say "we value your presence in the community." And by taking it away, you are saying, "nope. Just kidding. We don't value your presence at all."
If the users who were given the award got it removed now, it's like you're denying your "respect" towards them and that they never deserved the reward in the first place. This is kind of like that time when "Former staff member" awards were not given to users who got fired from the staff, until it was discussed among the admins that it should be given to them after all (
I actually made a thread in Admin's contact about it). "Respected User" award should be given to users who contributed to the site greatly with their resources, will to help others, good communicating abilities, improving the site with their ideas, likeable character, always there when needed etc. If nothing, at least keep it to raise someone's esteem, or for other users to know whether that person is trustworthy or wise, or you know, worthy of their respect (
respect is rare these days, it seems).