You don't get any reward, other than satisfaction and a badge, from defeating the various villain groups in the game.
The Master Illusionist badge does count towards Archmage, though, an accolade badge and power that temporarily boosts your defense through the roof. Helpful in "oh crap!" situations, or temp-tanking.
And the Master Illusionist badge is exponentially easier than it used to be. 
There are no words for what this community, and the friends I have made here mean to me. Please know that I care for all of you, yes, even you. If you Twitter, I'm MrThan. If you're Unleashed, I'm dumps. I'll try and get registered on the Titan Forums as well. Peace, and thanks for the best nine years anyone could ever ask for.
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You get a whole bunch of badges. That's it. The Nemesis Staff is a mission temp power for heroes and one of the choices for the 33 month vet reward. The other choice is the Blackwand, which is probably the other staff that you're thinking of.
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Originally Posted by Fusion_7
This got me thinking on what you get if you accomplish all of your defeats. I think it is some kind of Nemesis Staff or another Staff of some kind. Can anyone else elaborate on this?
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"I wish my life was a non-stop Hollywood movie show,
A fantasy world of celluloid villains and heroes."
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As a Fire/Kin nope. If you were a character with Assault Rifle or Mercenaries then you'd unlock two Nemesis rifles for the Unveiler Badge, or if you had War Mace you'd unlock the Carnie Mallet for defeating the Master Illusionist pets.|
Originally Posted by Fusion_7
This got me thinking on what you get if you accomplish all of your defeats. I think it is some kind of Nemesis Staff or another Staff of some kind. Can anyone else elaborate on this?
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http://wiki.cohtitan.com/wiki/Weapon_Customization
Triumph: White Succubus: 50 Ill/Emp/PF Snow Globe: 50 Ice/FF/Ice Strobe: 50 PB Shi Otomi: 50 Ninja/Ninjistu/GW Stalker My other characters
Well last night after I got done running some mish'es with my level 41 fire/kin controller, I decided to work on some more badges for my level 50 engy/engy Blaster. I got teamed up with a couple of others in PI who were working on their Unveiler Badge were you need to kill 100 Fake Nemesis. After the team broke up, I was able to knock out this badge rather quickly as Fake Nemesis were spawning at a good rate in PI.
This got me thinking on what you get if you accomplish all of your defeats. I think it is some kind of Nemesis Staff or another Staff of some kind. Can anyone else elaborate on this? 
After I got it, I noticed a Master Illusionist floating near the middle of PI under a port roof next to a bunch of Carnies. I thought "hey, I got some time to kill so let's do it". I needed about 40'ish or more Illusionists, Phantasms, and Dark Servants. Being that my Master Illusionist was "gray" or lower in level than me, I was able to play with her like I was the cat and she was a small field mouse that got into the house. I kept her irritable and angry enough to get her to spawn the baddies. When she tried to fly away from me, I just "locked on" follow and she was screwed. The time frame between spawns varied. Sometimes it would be 5 minutes when she unleashed her group, sometimes it seemed longer.
So, needless to say I stayed at it for about a good hour when I was able to get down to 99 kills. As she ducked back under the port roof, a couple of other Heros came through her path. She got mad and clocked one and then in turn, he came back and proceeded to take her out. Keep in mind, I just needed 1 more kill for this much hard to get badge. I frantically typed to send a tell as fast as my fingers could and said to hold up as I only need one more kill for my badge. Her life bar was at a sliver but he backed off just in time. At that moment, another hero came by and was also ready to take a few punches at her and I had to tell him the same.
Needless to say, I finally got the badge and all was well with the world.