Sandcloth Umbrella is very much on the mark here with their remarks. Someone who doesn't know the world is going to do a bad job with a magicker, not because they're a bad roleplayer, but because they don't know the atmosphere, the nuances, the fine points. Well put.
At the same time, there's a couple of related factors at play.
Karma is about trust. Trust that you'll play the character as it should be, that you know how to play it, and that you won't abuse it. And some characters are abusable -- sometimes deliberately (long-lived sorcerers and mindbenders SHOULD be scary, muls should be hell on wheels in combat by design) and sometimes accidentally (and in that case, we need people who are going to report problems and possible ways to abuse the code).
Karma is not, and never has been, about your ability to emote or to capitalize the beginnings of your sentences. It's about your ability to play a character. I can think of any number of people who emote beautifully, spectacularly, but have been involved in so much ooc crap, bug abuse, or just plain bad play that it's going to take them a long long time to dig themselves out of the holes they're sitting in. (Although that happens, I can also provide examples of people who started off terribly, and since have become great, terrific players.)
If you find the character and race options 'boring', as someone put earlier, then I'm not sure the fault lies with the game. My current character is a stock race, stock class, available to any player, and with ten days on that character so far, I'm still having a blast with it, and would, in fact, say it's one of the more interesting ones I've ever played. I don't mean to sound sanctimonious by this -- but it's the truth.
I agree the karma system is flawed. I continue to look for alternatives. We've gone so far as to shift it somewhat over the last couple years. But abandoning it altogether is NOT something I am prepared to do. Someone proposed that there be a way that players nominate each other for karma points -- people already do this to some extent. If there's someone you think is awesome, who motivates play, who contributes to the game, who is a stellar example of knowing the game's nuances intimately, shoot an email to the account and let me take a look.