Basically:
High Profile (High Reputation)
versus
Low Profile (Low Reputation)
How many chases after you as a "High Profile" character, how many wants autographs? How much ego stroking? Quests that you wouldn't find before? (Some old man trusting the White Knight wherein he doesn't trust the random Low Profile character).
How many assassins go after you? How many who would've attacked you on one playthrough just don't because you have a high enough reputation, how many wants to challenge out of honor?
As a "Low Profile" character, does that necessarily mean that you are a Rogue/Stealth/Non-Lethalist? No I don't think so. It just implies you don't leave any witnesses of your passing and are very adept at covering up your tracks. Might not get as many assassins after him, but could end up in fights where a "High Reputation" character does not.
How does Reputation affect the game, on low's and high's?
Is Mid-Reputation important?
Does a Low Profile open up more possibility for more suburb Quests, thieves guild or whatnot, but locks out from some High Profile quests? Vice versa.
Hugs, have a great day