So my idea is something similar to the Recon armour in Halo 3.

At first you needed to impress bungie to receive the head.

And that was my idea, either to excel in something or make a bad ass reply (so stock replay creators would have have this item)

Now what the item is exactly I'm not sure. But it should be something that stands out so you instantly think "Oh man he's cool" kinda thing.

Thats why people have items like full 512 sets pure and void force and relax because its cool think to wear.

I meant an item that cannot be bought, only earned

I like this idea, I suppose the item could be something like an ingame title above your belt.

Now, how would one get this honor item?
It would be very cool if there was an icon for each graduation (market, clan, art, in-game) aside for just having the achievement. Having it visible in-game would bring more attention to Unibash, and i think that's a good thing. Unibash seems horribly inactive nowadays, and i wasn't around when it was active.

Alternatively, this could be something awarded only when you've been extra helpful for the community. Organizing many events, making art for the community, programming, etc.
Or both, doesn't have to be restricted to either one.

Also has to be un-tradeable, otherwise it just wouldn't work.