What exactly happens to your character. Do you get something special?
It says here http://pc.ign.com/articles/512/512115p3.html that the idea was to ante up your equipment and whoever wins, "takes the spoils".
Pretty sure they scraped that idea.
Whats up now?
When you win Hall of Heros
BigCrackhead
dbgtboy
when you win the HoH one random person on your team gets a random rare item, another person gets a celestial sigil and your guild name or party name gets announced that you won. Once you win it once you get to play again until you lose it.
Odd Sock
You also get loads of fame and personnal satisfaction knowing that you either roled the team that was against you or resisted 2 teams beating on you for x amounts of minutes.
Weezer_Blue
You also open up all the Worlds at War content for your home region. These are really hard missions that you can only go on while your region (America/Europe/Korea) is winning.