I recently removed an answer of mine which I posted a few days ago.
On the day of posting the answer it gained several votes, but I also gained more than that amount of votes when I capped out. So deleting this answer should not have any implication on the reputation.
I deleted the answer today, and indeed there were no implication to the actual reputation (I verified it on the /reputation page as well), but the reputation tab shows (at least on my user, I logged out, and it seems fine) as if all my reputation from today is gone. Which doesn't make any sense.
In the meantime, I have undeleted my answer, but here is another strange - oh so very strange - bug. As noted in another thread, a certain very high rep. user was serially upvoted (in fact, I was upvoted as well). Now the voting script has reversed the votes, here is what I think is the strangest reputation screen I've seen so far:
The keen observer will notice that yesterday this user had only one accepted answer. This means 215 points would be the maximum (which is clearly achieved), but the reputation page shows 345(!!) points, with 130 of them removed the next day.
On the other hand, my page doesn't show this sort of behavior at all, and I don't even know how many upvotes were reversed (using badge count, I estimate five).