It kept track of wins, special feats (like defeating Acheron, Orthus) etc., from game to game. In Ice, it was suppose to have some actual effects on gameplay. For example, after achieving a victory as the Clan, the Clan of Embers was supposed to start off with the Eternal Flame (which back in light was a wonder that granted free fire mana), which I think Kael said will return as a piece of equipment.