@zuun.net - congratulation. Your node is up & running. I've talked about this in the video.
I've 5 different systems & out of 5, my 3 system gets those message.

"RANK Requirement" indicates that your node doesn't have RANK at all to get new jobs.
When all nodes having good rank are busy, a node with no-rank will be picked & will be measured for it's performance. If performance is good, RANK will be updated after the your node finishes the video-encoding.

Now that you have a better rank (than NO RANK), your node will be preferred node for next video encoding.

I hope you got the idea.