We do the duplicated rank structure to provide a unique icon, however all of our participants are in the top handful of ranks so we only duplicated those. Our annual program started this year so I have added checking the lowest rank invitee to the annual refresh process to ensure that ranks are covered. The plan is that users who exit the program will have the icon removed and return to the normal rank structure. Badges are also given out to users to show they were a participant, even if they have since left the program. We have also linked the role that grants users the superuser rank track to all of the additional access that being in the program provides as we give access to private member only areas, the ability to move posts, publishing access (without mod) in the wiki, etc. Using a role to provide all this access makes it very easy to administer the program. The ranks is the hardest part.
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To specifically address your question, && is a Boolean And, while || is a Boolean Or. You can access very good inline help if you click the question mark to the right of the text "Ranking Formula" just before the formula entry box. That will bring up information on the Operators, Function Description, and Variables. Here is a partial screen capture of the information that is available.
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