There are many advantages to qualifying for and maintaining Top Rated Seller status. As a Top Rated Seller, you get better placement of your listings (so more buyers see them), a 20% discount on final value fees, and a Top Rated badge displayed on eligible listings. You must meet all Top Rated requirements to qualify as a Top Rated Seller.
Make sure you don't fall below standard, because you could lose any search placement benefits, may have selling limits placed on your account, and could be restricted from selling on the site. If your rating is below standard in any category, then your overall seller status is below standard.
Underneath your seller level status, you can drill down to each of the sections that are taken into account to evaluate your seller level.