As you may have noticed, there is absolutely no point to Karma in New Vegas unless you have Lonesome Road, and even that's just for a single perk you can only get at level 50.
What this mod does is add 7 new perks to New Vegas that are given or removed depending on your Karma level. Each previous perk is kept once a higher level one is obtained, but is removed if you go below (or above, if you're talking about the Evil Karma perks) the required Karma amount for them, in very similar fashion to the "Red Dead Redemption" Honor System. (I also used the Honor level's naming for the perk names. :3)
These perks are kept relatively simple yet useful to encourage people to devote themselves to a side instead of being all over the place.
THE PERKS:

NEUTRAL KARMA PERK

Drifter
+No effect below level 5
+5% XP gain starting at level 5
+another 5% XP gain and a 5% move speed increase at level 15
+10% Damage Resistance and Weapon Damage increase at level 25
Karma must remain above -300 and below 300 to retain this perk

GOOD KARMA PERKS

Honest Joe
+10% discount on all goods
Karma must stay above 300 to retain this perk

Peacemaker
+10% Damage Resistance increase
Karma must remain above 600 to retain this perk

Hero
+20% Damage Increase
+20% less AP cost in VATS
Karma must remain above 900 to retain this perk

BAD KARMA PERKS

Rustler
+10% attack speed increase
Karma must remain below -300 to retain this perk

Road Agent
+10% damage increase
Karma must remain below -600 to retain this perk

Desperado
+20% Increase to Damage Resistance
+Addiction chance decreased by 50%
Karma must remain below -900 to retain this perk


NOT SO FREQUENTLY ASKED QUESTIONS:

But what if I already started a game?
No worries; your perks will be added as soon as you load up this mod and begin playing. (Well actually, there's a few seconds delay for some reason but w/e)

What happens if my Karma goes to neutral? Will I never be able to earn these perks again?
You will; you just have to re-meet the requirement and they'll be re-added.

Isn't there already another mod that does this same thing?
Sure, but that mod also heavily increases the Karma scale with a basic version that offers almost nothing to gain at all. I wanted to make something simple yet useful.


Lastly, I recommend this mod to make it harder to reach the "Hero" perk and easier to get the evil perks (Since this is something that appears to be a bug in the first place.)