As Far as I know the only thing a Giant Squid gets is a badge on each of their lenses, will try and upload it as my avatar here
You also get to set up a template for creating lenses so that you can have all your common modules on each of your new lenses.
We also get to try out and use new features before they're publicly announced, kinda using us as 'beta' testers!
Doesn't seem like much, but it did make me happy!