I think FD got the whole reputation thing wrong from the start. It shouldn't be possible to be allied with more than one
of the major factions at any given point. That said, the reputation decay they've introduced is not a good way of making
the game better.
When you start the game at neutral with all major factions your actions should be the arbiter of all reputation standings not
a timer decay. So, for instance, you're neutral with all MFs when you start and you want to buy 'n' fly the Imperial Clipper.
You do missions to enhance your rep with the Empire but as you do your rep with the Feds and the Alliance drops (I'd cap it at
Unfriendly and not go as low as outright Hostile but that's just me).
Once you've attained Allied rep and Baron rank with the Empire you can buy the Clipper. Your rank with the Feds/Alliance is
Unfriendly.
Then you decide you want to buy the Dropship

So you start doing missions for the Feds. As you do your rep with the
Empire starts to drop (and if FD really want to make it 'real' so does your ranking). You make it to Ensign in the FN and can
now buy the Dropship but now your rep with the Empire is Unfriendly and your rank has dropped back to Serf (or whatever
the starting Empire rank is).
This is how rep/rank should decay not by timers. FD could also have made it so that you cannot own ships from the major
factions at the same time. So for instance owning the Clipper precludes you from also owning the Dropship. To own/fly one of them
means you'll have to sell the other.
Whilst I am not bothered by reputation stuff I appreciate many are and the timed rep decay is just wrong. Everything in the game
should be a consequence of your own actions and choices. Timed rep decay just seems a lazy and unfair solution especially for
those who cannot log-in to the game for a variety of reasons.