The fact that you don't see the webrep, doesn't lessen the avast protection, you still have the Network Shield blocking known malicious sites and the Web Shield pre-scanning http content before it is displayed/run in your browser.
The WebRep is purely reputation based on avast user input. Later when the avast! virus labs start inputting information of detected malware, etc. into the webrep database, then it will be more of a security feature that just a reputational tool.
