Here are the bad and good point of these
Good
Something to do and work towards other than leveling
Make you look good
let people know what they are letting themselves in for
Bad
discourages fighting
People farm them (not all that bad really)
People whine about pvp points
encourages ganking in places like tir arena
lets people know what they are letting themselves in for (i know i said that twice)
So obviously getting rid of them would be a bad idea because a lot of people would quickly get bored of the game, but keeping them isnt going todo much good either.
So i suggest they are kept but once points are gained they cannot be lost, so people could fight without fear of losing there title. Obviously the title range would have to be increased dramatically (so its no longer a few easy kills to get freshman, instead it takes quite a few kills and rookie takes an awful lot more.
Thats my idea anyway, i cant really see any major holes in it (wouldnt fix title farimng tho).
oh yeah and also a "/pvp points" command would be nice too