Rumor has it..
..that KI will reset PvP once the test realm goes live. Not really a rumor since it will happen anyway.
"Change is never easy, young Wizards. As we go forward with some changes to our Player vs Player matching system and rewards system, it is necessary for us to put everyone back on the same level playing field. To do this, we will be ending what is called the 'First Age' of PvP in Wizard101. This means that you will receive a badge that reflects the status of your PvP rank the day this update is applied to the Live Game. You will be able to display this badge at any time.
When this update goes to the Live Game, all current PvP Ranks will be reset to 500. This does not impact your Arena Ticket balance."
..Therefore, my cousin and I decided that this would be a good time to go in and play a few rounds before the arena makes its major change. Happy dueling!