I haven't ranked up to rank 3 (SRL) yet but I hear it drops pretty good rewards the higher your rank, especially if you use a 3OC.
What's the best reward drop you received from sparrow racing?
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I have finished 4 to 6 races after rank three and I am disappointed. I have seen so many 310 plus drops and I know people that have received multiple 310 plus drops right after rank 3. A 312 cloak dropped for me so at least I got that much but that is it. Other than that, I have a cool looking sparrow for getting my s-license.