I was a rank 6 until I died but after rank 4 you really dont get anything special anymore, well except SAMs but I wouldn't mark those special. So I have an idea : The higher rank, the more simultaneous attacks you are able to make. So rank 1 - 3 (Since those are easy to get) would be able to do 1 attack, 4 would do 2, 5 would do 3, 6 would do 4 and 7 would do 5. This will also make the more cost for an attack less of a pain since you actually get something for it.
Edit! : Feel free to post your ideas on how to make ranking up more rewarding!