An honour presented to an exemplary Ravenclaw, who honours his or her house in its highest way. The winner of this award is truly a magnificent example for the rest of the house -- he or she is kind, respected and accomplished.
This is THE big award. It is often awarded to someone in the 7th year or later, but every so often someone rises to the level of this award earlier than that. This year's winner has certainly done that. Not only have we seen great things from him this year, but I expect next year will be no different. Congrats Maxim Trevelyan!