It really depends. If someone says somethng that is offensive or just plain rude, I guess it's okay. I rarely derep people, but when I do, it's because there was something seriously wrong with what they posted. Of course, I have recieved dereps because they just wanted to do it.
You really need to play it by ear. Generally think of the purpose behind rep. To show at a glance which members are the cool and helpful ones vs which ones are the trolls. If it is a member that you want others to know is a bad-egg AND you've tried unsuccessfully to settle it with them, then derep them so other people can have a more accurate immediate impression. And trust me when I say you should talk to them before you derep them. I had several times before I learned that where they took the criticism very well or I just misread the situation. It takes care of a lot of the headaches and apologies, and if you do end up derepping them then you are positive they know exactly why
I never de-rep as a matter of principle. I can't see how derepping someone will achieve anything except an escalation of the situ8ion at hand.
I no longer de-rep as I believe it only serves to make people feel bad. If you have a problem with a person, I think it will be better to talk to them instead.
I've never dereped a person yet, but hopefully I don't. Think of it like a grade in school. If the person did really well, or you think they deserve praise for their work, you should give them something good. But if they just do things that make them disliked, or do things that irritate people, as Mixt said you should try to work it out, but hopefully if that doesn't work, derepping them might show them. I don't mean you should do it just because the don't listen, only if you feel that it's absolutely neccisary
To answer your question: all day, e'rryday. But really, it's up to you. I de-rep people when they're being ****** nozzles. It says right on the reputation thinger, "What do you think of _____'s post?" if you disapprove, as it says, then by all means, de-rep away.