SWTOR Update 1.7 development blog discusses Galactic Reputation
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SWTOR game Update 1.7 will introduce Galactic Reputation to all players, which will help with character advancement.
Reputations will be divided into six ranks: Outsider, Newcomer, Friend, Hero, Champion, and Legend.Each player starts with no rank, and as Reputation Points are earned, their rank will increase.
When top rank in a particular organization is reached, Reputation Points will no longer be handed out, obviously, but as your rep increases, so do the size of the rewards.
If you head on through the link, you'll get details on Legacy Titles, Heroism, Reputation and the Galactic War, earning Reputation Points, and the subscriber bonus as well as a list of the various reputations to be earned.
SWTOR Update 1.7 is slated for spring.