There are currently a total of 2 tournament types available, but with the intention of expanding this to yearly and player run version. In addition, through pickup tournament reward chests you can obtain tournament tickets. Each participant will need 5 tournament tickets to enter, with 25 needed for the entire team. A party leader can also pay for the entire team if they so wish (and have the necessary tokens) while the rewards for paid tournaments are much improved over pickups.
There are a total of 9 tournament ranks currently named with each rank providing varying rewards based on the chest you open, bronze, silver or gold. All players start at Rabbit rank and will eventually (with countless hours of play and every 10 levels) work their way towards Dragon rank. The only reward types that are currently known are up to Tiger.
On a personal level I would recommend that instead of spending your hard earned glory at the lower ranks, that you save it so you can redeem it when you are higher. Considering you obtain a free chest when you rank up or win a tournament match, it’s much more economical to put up with more visually unappealing armour, with a view to buying significantly better the more your rank improves.
If you’ve ever played a first person shooter online, you’ll likely be familiar with server selection. Guild Wars 2’s Hot join play works in a very similar fashion with players able to choose the specific server they wish to play on once they’ve spoken to the NPC. Although you cannot yet create a server, determine player limits or map types, you can see from a pre-defined list of servers what maps are running and how many players are on each. This allows you and friends to choose one specific server and all join it at the same time. Alternatively and if you don’t want to look, you can simply press the “Join Now” button and you’ll be taken straight into an active match.