BRING IT BACK PLEASE!
Apex at least gave me a small amount of ambition to go to local Socal/Phoenix tournaments. With it gone, I see no reason. Yeah, you can compare it to a non-essential rep system, but look how people are sensitive over pos/neg rep on this very website. People were posting fake results with fake names. There are some security measures that can be done, like making sure the people who placed are actual registered accounts on this website and IP tracking of accounts.
Do something new with it, especially in the sense of handing out points. Small time tournament winners should get a small amount of points compared to someone winning a MVC2 tournament with Jwong and other big names in it.
I believe bringing it back will flare up some small ambition within people to go to more local tournaments.