When looking at the listing of Karma events you will see that you are limited to a single page of 25 items. In addition none of the Karma events are links to any actitivies, such as opening or closing bug reports, answering questions etc... For the listing to be useful each karma event entry should link to the actual activity that earned the credit. I believe this is particularly true in the case of a bug being rejected. It would be really nice to see what and why caused a rejection.
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Recently I logged into Launchpad looking for the status of a report I had opened. Sadly I was unable to find anything except under "Karma" showing that a bug was rejected. I have no idea if this bug was the one that was rejected but I was surprised to learn that the Karma activity list was limited to only one screen of 25 entries. I believe this option should provide more screens then this, otherwise what is the point?