Call of duty 5 Prestige

Call of duty 5 Prestige?

I have some questions about Prestige on call of Duty 5,
Is Prestige worth doing?.
and
is Prestige like you have to level up to 65 to get a new badge?
like first time you do prestige and get it to lvl 65, you unlock a new slot? and you have to do prestige again for a new badge and new slot?

Other Answers:

Never even knew about prestige and I've completed CODWAW Blike 2 - 3 times already.