This is actually the old Ballista update page, but the bottom has been amended with stuff added during the maintainence they're doing right now.
http://www.playonline.com/updateus/050224hu5ol1.html
It sounds overly complex, lol, but you get to wear Chevrons and stuff based on getting the most points in a match, or getting the most points as a certain job. Having a Chevron lets you obtain Ballista Point Temporary Items other cannot.
Not to mention you're name (providing you've played ballista within the last few days) remains on a ranking sheet shown by the Marshal in Ru'Lude Gardens.
Kayne's gonna PvP non-stop now til he's at the top. :P