It is "Respected", not "Trusted", which doesn't mean you are trusted in any way, it is just a respect from the hierarchy to show their appreciation of what you have done.

Although I do agree with both sides, it can be abused, and there is less chance that a respected user will abuse it. I'm not saying all regular members will, and there are people in the member group who I respect more than some in the actual respected group, but it would be practically impossible to stop the others ruining it.

I say it's a good idea, only for staff and other ranks though, due to the obvious reasons.