Will the users lose their privileges, as reps required for graduated sites are as much as 4 times higher than that for Beta sites, or would the users be given some incentives (extra rep), or simply the reps required for privileges will not change?
When the site finally graduates, you will keep your rep, but the rep requirement for privileges will change. Take a look at any graduated sites privilege rep requirements and that is what we will have here. If you no longer have enough rep for something, you will lose the privilege until you increase your rep.
Some notable changes are:
- Close votes: 500 -> 3000 rep
- Mod tools: 2000 -> 10000 rep
- Edit without review: 1000 -> 2000 rep
- Create tags: 150 -> 1500 rep
From everything I've read and heard, you keep the same amount of reputation but how much rep is required for various privileges is changed (goes up). Thus, you lose any privileges you don't have the rep for in the new system.
As a side note, we aren't really all that close to graduation, so I wouldn't worry about it too much just yet...