Clicking on it still has the effect of awarding an upvote. You just can't see the totals any more.
Has nothing to do with your karma. It's an experiment that PG is conducting.
Unless I misunderstood your question.
I was referring to PG's re-work of karma display. This seemed like a likely side effect...
My first answer was basically "it still impacts it, you just can't see it". Your votes still count. They just aren't visible. I can see the karma of my own posts when I am logged in. I can't see them when I am logged out. I can't see anyone else's karma.