[More info] I was expecting the Archlord system to be there at launch, but it looks like developer and publisher Webzen needed more time to get it ready. In a nutshell, 1 player will get to be the Archlord himself/ herself, with the only method through PvP rankings and entering the finals.
Only the top 60 players in the normal PvP rankings will be able to enter the finals, with the eventual winner becoming the Archlord. There are several perks, including the exclusive costume and dragon mount (100% to movement speed) seen here, along with awesome skills!