What does Ranked actually do for you? WHat do you get for a high rank or w/e?
Season 1 gave out a few things (Not counting competitive prizes)
-Being ranked (Playing at least 10 games) gave you 1 free Kayle skin (+ Kayle champion refund)
-Obtaining a rating of 1520+ gave you a "Gold" status Gold emblem on forum, gold border on your avatar and a free jarvan skin + refund
-Obtaining 1800+ rating gave you a platinum status and some other things I don't remember
But beside prizes, when you play ranked games you usually play against people with similar a similar rating/skill level as you, which helps to become better.
This remind me I should grind back up to gold before season 2 ends XD