The Secret World's blog has been updated with new information about forthcoming changes in the PvP system. A new feature will be introduced called "Battle Ranks" that will reward PvP-specific experience for player kills. When the experience bar fills, players will be rewarded with "Distinction of the Council" currency which can be spent on PvP rewards.
When a player fills up his PvP experience bar he will gain a new Battle Rank. The PvP experience bar is split up into segments, just like the regular experience bar. When the player has filled up a segment he will be rewarded with a new currency. These “Distinction of the Council” tokens can be used to buy various PvP rewards. There is no cap to Battle Ranks. We will simply keep introducing additional rewards as players progress. Because there is no power increase new players do not have to worry about catching up to the veterans. They can just acquire ranks at their own pace.
In addition, Matchmaking changes are coming and more. Read all about it on The Secret World's blog.