Every ten points you get will give you a perk.
For example, if you get ten bad points, you will stop losing mood for killing animals and you will get a shop discount when you get ten good points. Morality goes from -100 to +100, so there are 18 perks you can get from morality in total.
This also means that you can lose these perks, so if you are good and decide to become bad, you will lose your good perks.
In the future, I will use morality in stead of most dialogue choices. The main character will simply say things and make decision based on your morality. You will still be able to select from multiple options whenever a major choice comes up.