The Old Republic Galactic Reputation
BioWare has detailed the new Galactic Reputation feature coming in update 1.7. The new Reputation system will have players earning Reputation with each of the factions throughout the game's world. These points can then be used to purchase and equip special items and equipment. Galactic Reputation points are linked to your account Legacy and thus span across all your characters on the same server.
The first element of the Galactic Reputation is the Legacy Titles. These are automatically unlocked for your character. These can then be shown instead of your Legacy surname. An example of this is "Honored Voss-Friend".
It is important to note that Reputation is earned for both sides and each side has unique actions for each faction, but these can only add to your Reputation. Thus you can never end up with a decreasing Reputation with any factions.
The full list of features can be found on the official BioWare blog here. Subscribers also get a 50 percent bonus to all Reputation Points.