I think this and the bounty system is broke. Right now I'm friendly with the fed and a fed station. But, there is no real advantage to it, and I haven't seen a Navy ranking mission over 24 hours ago.
Anyways, the biggest thing that's broke about it is how I can wipe out an entire fleet of ships. But, all is forgotten after a few missions.
As far as the bounties. I think they need to mess with the bounty system to give you some more time to pay off your bounty. I was just attacking a wanted ship, and one of my laser hit a friendly. I got a 120 bounty, and everyone turned on me immediately. This includes system ships that I'm friendly (green) with.
They should give you 3 shots, death, or 15 min before everyone else can see your bounty.