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As in powerful beings, the way they're portrayed in the SW movies.
Here's a few ideas I had for how it might work.
Becoming a Jedi or Sith as a player
It definitely wouldn't be easy, or fast. You'd have a long, difficult quest line to become one. Possibly, there would be limited slots for each faction for players to be a Jedi or Sith (more on this in a bit).
Well, this is pretty obvious. You'd be a true Jedi. Powerful, hard to kill, dealing immense damage and insta-killing just about anything.
This is the first part that I think would help balance it out. First, once you become a Jedi, you only live once. You die, it's for real. That character is DEAD. To keep playing, you make a new character and start over. You would be able to loot your dead Jedi's body, provided someone else didn't get there first. Same with his house. This is also where the limited slots could potentially fit: once your faction has a certain number of Jedi or Sith, no one in that faction can become one until one dies. Another big risk would be your alignment. You'd lose alignment far quicker than most players. And as a Jedi, doing evil actions wouldn't necessarily count towards becoming a Sith. They just make you a rogue Jedi (or rogue Sith, if you start on the other side). Also, as a rogue Jedi or Sith, you have NPC Jedi or Sith (slightly less powerful than a maxed player Jedi or Sith) hunting you down any time you're in the territory of that faction. You'd also have NPC Jedi or Sith hunting you any time you're in the opposite faction's territory if you're not rogue, but you'd have far less heat than a rogue in his former friendly territory. The worse of a rogue you become, the greater the number of NPCs hunting you, the farther they chase you, and the quicker they find you. The same would also apply when you're in enemy territory any time, based on hostile PvP actions you've taken against them. In short, the more you PvP, the more heat you bring down on yourself in enemy territory, and the more dangerous it becomes. In PvP, there's the obvious risk of running into a Jedi or Sith on the opposite side who's just as powerful as you are, which is a lot more meaningful with the permanent death.
Obviously there would also have to be some limitations as to how a Jedi or Sith can participate in certain aspects of group PvE. Perhaps certain bosses would "hide" if a Jedi or Sith got too close, or something.
This is where it becomes more tricky. The only thing I've come up with is as follows:
1. Normal player classes have a 1.5 second global cooldown (GCD) on abilities.
2. Jedi/Sith have a 1 second GCD.
3. Against NPCs, any NPC actions against a Jedi or Sith player are delayed by 3 (or maybe 2) seconds. Each incoming attack or effect has a small bar (or target, or whatever) representing it that the player can click on to deflect or block the attack or effect. Blocking attacks has no GCD. (And yes, you would have to actively click them with your mouse. Playing a class this powerful should demand more skills than simply hitting certain keyboard keys.) Many attacks could be deflected to cause damage, if the player clicked on a sweet spot at just the right moment. (More or less an advanced form of "whack-a-mole").
4. Against normal-class players, the Jedi/Sith has a 1.5 second delay before the attack hits, to have a chance to block or deflect. Normal class players also have a 3-second GCD vs Jedi/Sith players instead of the normal 1.5 second GCD. This could be represented by some kind of circular clock icon above the Jedi. Since this special GCD applies only against that particular Jedi/Sith, the player would still be able to launch another attack against a different player while he waits for the extra time to tick down, then launch another attack against the Jedi/Sith player.
5. Against another Jedi or Sith player, you would have a 1 second delay, and a 2 second special GCD.