PvP flag

[Tal]

Can someone post a detalied explanation of the PvP flag? Why is it there? Can it be toggled? 

I notice that saying /pvp doesn't generate an error message, which means that it does something, but it doesn't toggle the flag.
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Typing /pvp makes you attackable by the opposing faction for 5 minutes. If nothing happens you revert back to non-attackable. You can tell if you are pvp enabled if you have a shield on your in-game avatar and your title bar is green. Players with green writing above their names are PvP enabled.