I feel like the best way to highlight ones opinion of another person is just to approach them and say it yourself. Some good points were raised, that this could be easily "rigged" and end up being a popularity contest, or just an established scheme for someone to receive the title. Rewards for being a great community member come themselves, in the shape of people that surround you and the way people treat you. I don't think any reward could be better than receiving a message from someone that really feels a positive way about you : )

That goes out to both proposals, both community and staff. Though, I am not against a way to reward outstanding members, aside from the Legend title, there is always the same way Hampa and Ishi have given out their tokens of appreciation. This could be a good idea, but it'd be biased as it would have most likely one member, or a committee, that observes the community from the shadows. Then again, it's a non-tradeable item, but do you care more about the fact your behaviour has been noticed or the fact you got a reward for it.

*Example of Appreciation Token