I do not see harsh reparations as necessary but some serious concessions are...
I've been a part of alliances that felt they had to disband due to harsh and frankly ridiculous NPO peace conditions. This sort of thing has to stop, the game cannot benefit when good alliances and people are forced away due to defeat in war.
Peace reps should be limited to not excessive amounts of tech and money, during the War of The Coalition a number of GR members (incl myself) were required to decom Wonders as part of peace terms. Clearly this is an attempt to cripple an alliances fighting ability which doesn't seem like good sportsmanship.
Overall one of the results of this war should be to institute some standards of restraint in regards to war conditions, demands for tech and money are reasonable provided they are not excessive. Anything above this e.g.moving colour spheres, violating alliance sovereignty and decomming of wonders is excessive and dangerously unfun.