The actual reputation change reduces it by 2 every time you transform. Your maximum reputation is 20, where you will get half off everything you buy. Im not sure, but I think that a reputation of one causes everything to cost double, if not more. Also a low reputation can cause Cowled Enforcers or Amnish Guards to attack you when you enter areas. These people are usually very difficult to kill if you arent ready, and arent worth the hassle. Also, staying in Slayer form too long can be fatal, as it will start to damage you after too long in that form.
-Brainless One
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