Yes, you read that correctly. In version 1.2 of First Strike your progress will be recorded AND ranked. For quite a while now we've tried to figure out why exactly people are more drawn to play vanilla 2142 as opposed to First Strike and, well, the no brainer was really the ranking system. Of course there are other reasons, and yes, we know not everyone likes ranking systems, but the fact is a large population of gamers like to earn something for their playtime.
So, anyways, here is a breakdown of how this system is going to work in First Strike:
The Ranks:
1 Midshipman - Starting Rank
2 Ensign - Earned with 250 Points
3 Sub-Lieutenant - Earned with 350 Points
4 Lieutenant - Earned with 450 Points
5 Lieutenant Commander - Earned with 550 Points
6 Commander - Earned with 650 Points
7 Captain - Earned with 750 Points
8 Line Captain - Earned with 850 Points
9 Commodore - Earned with 950 Points
10 Rear Admiral - Earned with 1950 Points
11 Vice Admiral - Earned with 2950 Points
12 Admiral - Earned with 3950 Points
13 Fleet Admiral - A select few will be appointed by the Dev Team.
14 Moff - A select few will be appointed by the Dev Team.
15 Grand Moff - A select few will be appointed by the Dev Team.
16 Grand Admiral - A select few will be appointed by the Dev Team.
The points to achieve the ranks are a combination of what you earn from awards and your end game scores. The points are also subject to change as we may need to adjust it for balance, but you get the gist of it.
The Awards

Trooper Service Pin

Heavy-Weapons Service Pin

Medic Service Pin

Support Service Pin

Officer Service Pin

Re-Supply Superiority Pin

Defib Superiority Pin

Demolitions Superiority Pin

Vehicle-Tech Superiority Pin

Small-Arms Superiority Pin

Melee Superiority Pin

Starfighter Superiority Pin
Imperial Medal of Honor
Awarded for 200 Hours of Imperial Service

Rebel Medal of Honor
Awarded for 200 Hours of Rebel Service

Galactic Medal of Achievement
Awarded for 500 Hours of First Strike Gaming

The exact specifications for most of the pins is still being finalized, but I think you can get an idea of what you will have to do to earn it. The goal of the pins requirements in most cases will ultimately be to promote teamwork and recognize individual skill.
And, finally, here is a clip of the system in use with a player who has achieved all of the awards.

Oh, and yes, 1.2 will be here VERY soon!