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Everytime you advance a weapon to the next level, you get a skill point to "spend"on that weapon. Your skill points can be used to unlock a new skill, or further advance the ones you already have. (lots of good tips on this in the weapons section)
As for plunder, you gain rep, gold, and treasures from it. At this time in the game, there is no trading system (and I personally hope there never is), so it's just something pretty for your journal, a little rep and some buck. (check out the plunder threads)
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