My current job pays me about $54k a year for 25h a week, most of which I work from home. Plus working as a game developer was kind of a childhood dream, that has now come true (although I sometimes think of moving on to something more "meaningful"). So I suppose my job is arguably equivalent to or even better than the average $100k+ jobs you get as a developer.

On my application I added a section "participation in online communities", wherein I listed SO (and a few smaller german forums). I don't have a superbly high score, but among ActionScript 3 developers I am very well placed.

The references I had were not really outstanding. Mostly the stupid kind of stuff you do as a Flash Developer to get money for sites you'd never visit yourself. But upon arrival to the interview I immediatly sensed, that I had a very high standing from the start. I have personally accounted this to my SO activity.

Getting a high rep on SO means, that you are eager to exchange thoughts, that you are knowledgeable enough to solve the problems your peers pose you (real problems from they actually encounter in every day life), and that you are able to communicate your ideas. These are key abilities for good developers. Thus one can say, people who have a high rep on SO have those abilities. The reputation is given to you by independent developers, not by some comittees or someone vaguely in touch with the subject. I think a high rep on SO is a much better measure than good grades (which appearently are still consider a criterium by some employers).

That being said, I'd never hire someone just because they have a high SO rep. But let's say a person with a high rep will have a head start while trying to convince me they're good. Appearently my current employer reasons similarly.