Some time ago I had a hunch that karma followed a powerlaw, so I mapped the leaderboard out in excel - and sure enough it looked exactly like a powerlaw graph.
Slightly related question:
Is it possible to separate the karma from comments from karma earned from posts? I'd imagine most users earn their karma from one or the other and rarely both.
I think Karma is a deceptive number. A high value for total karma of a site could just as easily indicate a dilution of value as an increase in value. Averages per user, per comment, per word, and per minute online would probably be more meaningful.