"Praetor" is a title of great significance in Praetoria.
Praetors are considered loyal lieutenants to Emperor Cole and are given positions of prominence in the City-State. Most are responsible for key functions of city operations.
As is true with any other meritocracy, the title is only given for as long as the bearer earns it. It can be revoked for failure, as was witnessed with Anti-Matter losing his title as "Praetor Keyes".
It was revealed in Issue #2 of the "Tales from Paragon City" series that Roman Dane, otherwise known as Midnight Paladin, would have been a Praetor had he not resigned following the murder of his parents and fiancée during the city evacuations.
In "The Guardian Powers" #13, Furia Powers was offered the title of Praetor twice, first by Neuron and later by a proxy to Emperor Cole, in exchange for turning over Icon Powers and ExGemini. She rejected both offers. Matt Burke would later gloat that his plan to capture Icon Powers and ExGemini would also make him a Praetor, but his dreams were soon dashed by Furia.