There's a really informative page that anyone can visit describing the various levels of reputation along with the benefits conferred by reaching each milestone. Currently, because we are in beta, the reputation required is reduced and those numbers are correctly shown.
However, we are now fast approaching graduation, and those reputation levels are going to change (hope this isn't too much of a surprise to anyone). I think it would be beneficial to have the post-graduation reputation levels listed as well.
So for example, instead of just having the "500" listed for editing questions, we should have something along the lines of:
Actual implementation of course would vary... But by adding this to all beta sites (or at least all beta sites that are approaching graduation) it will prevent confusion, and ease the transition.