Depends specifically on the system and/or instructor but in general I equate a 1st degree BB with a high school diploma.
It is an accomplishment - and an important one from one perspective. For someone who keeps training in MA, though, it's just a stepping stone. From that perspective a 3rd degree might be considered an Associate's Degree, a 5th = Bachelor, 7th = Masters, 9th = Doctorate.
Like I said this comparison varies from instructor to instructor, school to school and system to system.
Further, it's important to remember that the only place your rank has any real significance is in your school and usually within your system (i.e.: visiting a sister school or whatnot). Sometimes it can carry weight within the larger art. For clarification I use the terms art, system and style like this:
An art is a group of systems, usually from a particular geographical region, that are similar to each other and are classified together. For instance, "Karate" is an art that refers to a group of systems such as Goju-Ryu, Shotokan, etc.
A system is a specific curriculum.
A style is an individual's particular expression.
These are my personal definitions - yours may vary but this should help keep us all on the same page
When I go into another school that is outside of my system - unless I've been invited as an instructor - then I go in as a visitor with no rank. If the instructor at the school chooses to recognize my rank then that's cool but I don't expect it.
Mike