Valor, Rewards and Seasons.
Your PvP progress, earned by playing.

Valor: account PvP level
Valor is an uncapped account level with tiers, milestone rewards and a rank badge. Your WildStar level stays at 50.
You earn Prestige for playing, up to a weekly cap, so grinding all day gets you no further than playing regularly.
Portrait borders are earned from collections, season rank and sets, and you choose which one to show. They are independent of your outfit. Season placings and other PvP activity award titles you can choose between.
A season ends with rewards for the tier you reached and a soft reset of ratings. A pre-season is running; Season 1 has not started.
Standings for every rated bracket and season, plus Valor, are on the leaderboards.

Valor
Uncapped account level with a rank badge.

Borders and titles
Earned, and you pick what to show.

Weekly Prestige cap
Playing regularly beats grinding.

Seasons
Rewards by tier, then a soft reset.