This doesn't make sense, achieving such a high level with so much effort and not getting a new beautiful ship to show for it? If there is a new ship at that level, I am yet to hear of it. Is there a new ship token at that level? If so, where do I acquire one?

Nope, at Lt. General (L50) you simply are allowed to obtain (as in, 'pay for') a ship of T5 level-either with FM/Dil or Zen. Endgame ships don't grow on trees, after all.

This is terrible! And in a virtual world, they are merely an added array to a multidimensional array of the ships which you have (oh PHP Jargon, almost the same in other languages )

^ Unfortunately so

At 600 days, you'd get a free LG token (good for the B'Rel refit or the Kar'Fi, nothing else)... but with the recent change, if you're Gold or Lifetime (even for one day), you'll get access to it instantly, along with the other 'days' rewards.

Other than that though, the LG ships have to be bought (either with Zen, or through the Dil Exchange)