As you probably see by now, the user titles don't mean anything special. :)
Whenever you start a forum, there are some titles are are automatically granted because of post count.
Iirc, from 100 posts onwards, you are a senior member. At that point you will also be able to choose your own title in your setting page.
The badges (and colored usernames) serve only the purpose of easily identifying whether an individual has a specific role in this forum. Without that, new members would not be able to identify e.g. moderators who participate in a thread. I tried running the forum without them in an attempt of equality (badge vs non-badge members) but sometime later, I reinstated them because pretty much everyone agreed that my underlying goal was laudable, it just made things harder for everyone.
Here is the link for some more explanation about the different roles.
Frequently Asked Questions - Straight Razor Place Wiki
I only notice that admin roles are not listed.
Admins are pretty much similar to senior moderators from a member's point of view. Only in the management team do the differences matter, because they act as 'managers' of the site staff. Contrary to most other forums, the people who own the place do not act as admin. We've grown into this situation over time and found it works very well. Owners own the place, but may not necessarily be good admins / managers, or simply do not have the time for this job. In this it is similar to the military where you have a commanding officer and an executive officer. The CO is the one in the comfortable chair with a cigar, telling the XO to make things happen :)
There are also a handful of 'advisors', which are typically former staff who no longer have the time to perform moderator duties, but who still participate in the forum itself, and whose opinion we'd still like to have around from time to time.
Btw, if you are curious, check out my blog where I write on site policy from time to time. There you will find more background info about how this forum is run and why some things are the way they are.