There is a topic somewhere were this is discribed a bit, and there's a link to the homepage of the system too, were it's described in full detail..
(
http://massiveassault.com/forum/viewtopic.php?t=2925&highlight=glicko)
Something like this : the more you play, the more accurate your score will become. When loosing against a much better player you don't loose much points (or even none!), when winning from that much better player you will gain a lot of points. Winning to a less better player will give you some but not much points(but always something I think), loosing from a less better player, yes, takes a lot of points.
I thought score is different vs registered players or vs non registered, but I'm not sure about that.