So i was able to get a few units to level 2 or should I say veterancy. Is it only just a plus 1 to military strength if it is, may I request for something more like for example a certain technology in the technology tree gives the player a building that in exchange for industry or influence you can trade veterancy for benefits or depending on how much veterancy they have; the option is give to acquire benefits as a type of medal of honor for those units.

If a unit has level 1 or higher veterancy they will become re-nameable to honour them. At least that's what the encyclopedia entry says. But each +1 str gives the unit around +5 extra damage which is huge, based on the fact that the base damage of a unit is 20-25 (if not changed since beta). 

But you suggested that it would unlock something to trade like a resource?

If, so I would suggest something like +1 influence per unit width at least level 2 veterancy unlocked by the Organized Warfare technology, probably.

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