Okay so I'm level 69, I'll be hitting 70 tomorrow and I want to know exactly what does prestige mode give you this time around? I know there's the title and emblem, but is that it? Unless it's something really good I won't be wasting my time getting all my equipment back when I could be playing clan matches.

You get new titles and emblems, that is it I believe.

Infinity Ward has said they will give you something special. I say you do it and then come back here and tell us what you get.

think i might take one for the team, go for it, and tell you guys what happens.

" @Milkman: What if it's nothing, and the real reward comes after a second, or third prestige? "

" @mikeeegeee said:

" @Milkman: What if it's nothing, and the real reward comes after a second, or third prestige? "

I remember hearing there was something supposedly pretty awesome after 10 prestiges, which just sounds crazy. "

Infinity Ward has been awfully cryptic in it's responses about prestige mode in Modern Warfare 2. Something tells me that there isn't some awesome reward at each level, but there may be rewards after 5 or 10 prestige resets. I don't think anyone outside of Infinity Ward knows...give it a couple of weeks maybe.

From people who have hit 1st prestige, there's been a number of "rewards":   

• Obviously the new icon and Emblem, also comes with a Title 
• A sixth custom class slot.
• A new set of "Prestige" challenges, mainly revolving around high numbers of kills with killstreak vehicles. These all probably have titles and emblems associated with them.
• Every weapon has a new "Master" and "Veteran" challenge, for headshots and kills respectively. These give 10,000 XP a rank, and award titles and emblems.

The thing with the Titles and Emblems is that even after you unlock them, there's no clarification on what you did to earn them. Say you complete 3 challenges in one map and get a title and emblem afterwards. How exactly do you track down what you did to get them? There's far too many variables. 

According to COD Wiki, here is what is said on prestiege mode: 
In Call of Duty: Modern Warfare 2, Prestige Mode is unlocked at Level 70, the highest rank, unlike in Call of Duty 4: Modern Warfare and Call of Duty: World at War, where the highest ranks are 55 and 65, respectively. Prestige Mode is also available for all systems, including the PC, which did not have it available in Call of Duty 4: Modern Warfare.

Process

Prestige Mode for Call of Duty: Modern Warfare 2 is similarly the same as Call of Duty 4: Modern Warfare and Call of Duty: World at War prestige mode, except this time you will have to reach level 70 and that you will be awarded with something yet unknown.

I assume that titles and emblems will most certainly be in the prestiege run, but at the end you may get a special item. 
It may be new weapon camo, or it may be some super-secret perk. I was going to say gold weapons, but there is already a camo for that according to MW2 wikia articles. 
 
I will certainly do prestiege run once I am level 70, and I REALLY want to know what those goodies are, but we shall see soon enough.  

I am definitely going to prestige as long as I can.  Hopefully someday I can get to the 10th prestige.  ^__^

I've been playing MP for 20 hours and have gotten to lvl 35.  I don't know if I want to spend hundreds of hours trying to get to tenth prestige.  I'll probably end up prestiging once or twice though.