It's based on a player Merit system as far as the Chapter Rankings go. I believe you won't be seeing more than 10 Captains for example and those positions are voted upon.
Eager to see how the presence of these elevated characters will be protrayed on the battlefield. It'd be great to see an enemy captain in the game and genuinely wonder if it's worth the death or glory situation judging by the huge, decorated armor, big helmet or however else they will visually differentiate them from standard troops.
Likewise. In fact that will be what most serious gamers will do but when the game is released and F2P start playing they will vote for their friends.
I remember reading in an interview that veterans or high rankers will be visually identifiable. A Space Marine Captain will probably be adorned in purity seals, may have his helmet removed (With a glorious tactical beard), lots of gold decorations, robes/cloaks, laurels, inscriptions, and so on. As much as I would love to be a Dark Lord of the Word Bearers, I would be equally satisfied with being a chosen CSM, very clearly experienced in war.
I go airsofting and help a friend manage a site, he has a tactical beard. He even has a sleeve patch which says "tactical beard owners club". See attached image.
Maybe the first duty of an initiate of the Pups is to kill a large Fenrisian wolf and use its pelt to form their first beard? Heh.
