as i have stated before, my main character still has 0 battles cleared. The ranking never ranked me for battles cleared...ever. So no its not perfect and yes there are glitches.
The main problem with the ranking is that it is a stepping stone. Vindictus has shown evidence that it is on a progressing scale to logging everything we do. They already are logging the timing between level changes and monster engagement to death(time it take u to kill a monster).
Source: Myself. My main account finally got banned and they elegantly danced around saying exactly why, but the lady in support said they have evidence comparable to what i stated above. My account is currently being reviewed for appeal, cross ur fingers.