Once the player enters Prestige Mode for the first time in Modern Warfare 2, they will be rewarded with a sixth custom class slot. The same occurs at every odd prestige level, so a total of five additional custom class slots can be unlocked by Prestige Level 9. In addition, the in-game Intel hint system states that any earned titles and emblems obtained before entering Prestige Mode are not lost.
If a player enters Prestige Mode in Modern Warfare 2, all unlocked weapons, killstreaks, perks and challenges will be reset. The challenges unlocked through Prestige for each gun, however, persist to the next Prestige level (the kills and headshots for each gun's Mastery and Veteran challenges do not reset). This exception also applies to the challenges in the Prestige category that deal with killstreaks (getting a certain number of kills with a specific killstreak reward). Titles, emblems, and accolades are also unaffected.
Unlocks
* Prestige 1: Extra Custom Class Slot (6 Total), New Emblem, New Title, "Prestige" Tier of Challenges, including Veteran and Mastery challenges for each weapon
* Prestige 2: New Emblem, New Title
* Prestige 3: Extra Custom Class Slot (7 Total), New Emblem, New Title
* Prestige 4: New Emblem, New Title
* Prestige 5: Extra Custom Class Slot (8 Total), New Emblem, New Title
* Prestige 6: New Emblem, New Title
* Prestige 7: Extra Custom Class Slot (9 Total), New Emblem, New Title
* Prestige 8: New Emblem, New Title
* Prestige 9: Extra Custom Class Slot (10 Total), New Emblem, New Title
* Prestige 10: New Emblem, New Title
--Note that contrary to popular belief, Prestige 10 does not unlock the ability to equip four killstreaks instead of three.

MW2 Prestige Unlocks