You can give me some free costumes I'm cool with that.
Being a veteran and the respect it earns you is its own reward, kid. You don't need a collection of shiny medals to let the world know you fought for a guild you believed in.
I would love to see something like vet rewards. It would be neat if they made a special mount for 1 year and 2 years...
The only thing I can imagine would be a problem is the chronoscrolls. I think though if they just counted those as a regular "paid" month then it would be fine.
In a perfect world, playing the game would be the reward...
All 5 games I am playing currently give their loyal playerbase a reward of some kind. Some are monthly, quarterly and yearly but they do beleive in rewarding people for being loyal to the game. Its a nice gesture.
I see no harm in a reward system that is based off subscription time, so long as the items are Vanity Only and soul-bound.