The Call of Duty ELITE beta ended earlier this week, with the official launch scheduled for November 8 alongside Modern Warfare 3. For now, most of the service is offline, though the Career page should be staying up for Black Ops players.
Today, Activision and Beachhead released a new trailer explaining the service's Compete feature, one of the primary "pillars" of ELITE. This is pretty much where you go to compete (obviously) with the community, organizing or participating in special events for a variety of prizes, badges, and other perks. Do well, and the Compete section will show it for all to see. Check the behind-the-scenes video for a more in-depth look.