SPOILER WARNING PATCH 3.1 CONTENT!
TURN BACK NOW IF YOU DON’T WANT TO KNOW THIS!
The Argent Tournament (Leveling from Aspirant to Valiant):
Once you’ve collected your 15 Aspirant’s Seals you turn them in and become a Valiant. You also earn the “Argent Valor” Achievement. As a Valiant you graduate to fighting for your home city and you get to ride your racial mount in the tournaments instead of a hawkstrider.
You get a new daily quest were you fight against mounted NPC’s instead of training dummies. And the dailies reward you with Valiant’s Seals (one or two for each quest) instead of Aspirant’s Seals. You need 25 Valiant’s Seals to make it to the next level. (4 per day for 6 days, plus one more on the 7th day)
So it looks like there are various levels of the tournament. I’m not sure how many there are before you become a Champion and get Champion’s Seals that you can use to buy the stuff from the quartermaster’s.
There is also a new quest that sends me off to Silverpine Forest to gather information about the Black Knight.
Unfortunately the server died before I could find out more information.