I'm finding this really out of balance. I'm coming up against guys ranked much higher up. I have no chance.
Then I find myself against ones who have no chance against me.
Actually ranking means nothing more than they have been in the game longer than you have, it should give you an idea of how experienced the player is but the rank system doesn't make a player harder to kill like in mmos, it only gives them access to different equipment...
..and I say different not better because it is all a balance in how you set up your ship... more armour.. different weapens, shields etc, I played the first 20 levels in beta in pretty much the starter ship is it is probably the best available but remember to upgrade it as things become available.
It's all down to personal preference in ship and experience of playing the actual game that makes you a good player or not, FD have done a brilliant job of making it skill based rather than level based.
You get matched in game via an algorithm which works out how good a player you are probably based on kill/death ratio and other stuff so you can be a rank 5 and see a rank 30 in game, he's there because you are a match in skills according to how FD's calculation works.
It is the old MMO feeling though when you see someone with a higher ranking than you, you expect him to be better so the psychology works against you when you take him on expecting him to annhiliate you, best way to approach it is to just take on anyone in the game and assess their skills based on how they perform.
Simple, but truly effective.