Alright, from someone who has prestiged already. Which would be me, sadly.
When you prestige, you get one prestige award which can be used at any time during the prestige to:
- reset your stats (not exactly sure how reset your stats will get, and don't intend on ever finding out)
- get your unlock tokens back (I assume this is only handy when you are at the end of a prestige and you find out you don't have enough tokens to unlock something you want, even though i had about 20 extra tokens at the end of my first prestige)
- or get an extra create a class
You also earn a PERMANENT unlock which can be used to unlock any one item, despite what level it is unlocked normally (gun, perk, or equipment). This is done by going into your create class find the item you would like to unlock and press RB on it. (there is some text on the bottom right of the screen that will confirm this is how you do it). I assume this is similar to MW3's prestige token and the item will carry over to every prestige from there on out.
You do NOT lose any progress on weapon levels, challenges, or prestiges, so all your attachments, camos, etc...carry over to the next prestige and you pick up right where you left off.
Edit: For further proof im not full of it, check out my custom classes on CoD ELITE, I unlocked ghost: Landon0605
Edit part II: You also get an achievement worth 50 points on your gamerscore.