Veteran 1.
a {V} is awarded to a pilot who completes certain criteria during the game. No-one knows what exactly the criteria are only the Administrators who guard this jealously
Veteran 2.
A player may be called a Veteran or Vet after playing a certain number of Betas noone knows how many betas this is though; it's a jealously guarded secret and you must know the secret handshake to join :P