O.K. be advised that I have been told that this info is outdated however here is the link:

http://www.worldofwarcraft.com/pvp/pvp-article.html

Here is the basics, that I think people want to know:

The PvP Ranking System
e know that to make PvP really interesting and worthwhile, we need to add incentives, and I think we've done that with our rewards system.

Basically, at the end of each day, we calculate how much honor has been accumulated by each side. We start with a base honor pool, and then add bonus honor points based on whether your team defeated any important faction NPCs or controlled any battlegrounds.

This honor pool is then distributed among all players who participated in PvP for that day. Your percentage of this pool is determined by your contribution - basically your total individual honorable kills - to the team. The greater your contribution, the greater the percentage of honor you earn.

Honor is a concept that is central to our PvP ranking system. There are honorable kills and there are dishonorable kills. You earn honor for killing opponents at or near your level, and more honor still if you kill a higher level player character, as opposed to an NPC. There are also dishonorable kills, and these would include killing lower level PCs and NPCs, and especially non-aggressive NPCs like gryphon masters and quest givers. If you repeatedly make dishonorable kills, you'll eventually go into the negative ranks, and lose experience and become attackable on sight by both factions. Our intention is to punish dishonorable behavior and reward honorable PvP play.

If you participate in PvP in any given day, then you will get some percentage of your team's honor points for that day. If you don't participate, then you gain zero points.

At the end of the week, we give the players their tally, including their honorable and dishonorable kills, their contribution to the team, the total honor earned by the entire faction, and the percentage of honor earned by the player. All these scores in aggregate make up the player's military rank in PvP. Your military rank and your successes in PvP entitle you to a number of rewards. Your rank will become a title that will distinguish you from other players, so you gain prestige and notoriety in the world.

Our ranking system is also competitive so you'll be competing with your fellow team players to see who can be the most honorable and successful PvP player. The PvP rankings will change regularly to reflect the best PvP players on the servers each week. All players who participate in PvP will be able to track their rankings and successes not only through their weekly tallies in-game, but also through our World of Warcraft rankings website, which will be updated weekly with all the ranks and accomplishments on each server.