Again, forgive me if I've missed something obvious, but it looks like Mentoring is working up to the point where the mentor would be rewarded. I've done this a few times. After gaining a level the student is asked to rate the mentor, then nada. Does one have to mentor several times?

"Player Mentors - Players can offer to mentor new users, with the "/mentor" command. When the newbie reaches a certain level, they are prompted to rate their mentor (good/bad). Mentoring points are recorded, and will eventually be used to open up new gameplay options (missions/equipment)."

All we need now are newbies =)

"Does one have to mentor several times?"
Maybe, if you get rated bad, your mentor rating may be '-1' then you get a good rating and it goes to '0', so maybe the more people you teach and get good ratings, more things you get...
Who knows? (Devs prolly =) )

It doesn't tell you anything, but the system does store 'good' and 'bad' mentor ratings, which are currently not used for anything in particular.

So yeah, mentoring is implemented but the rewards for it are not.