During its history it's mostly been non-equalized which means players with better gear have advantage. Characters below certain item level get equalized gear. Battleground is restricted to level 60 or later 65 characters only.
Objective of Fraywind Canyon is to reach point limit before opposing team. Points are awarded by killing enemy players, capping pyres at middle, north and south and holding them and killing BAMs that occasionally spawn.
BAM spawn times are 3:40 South, 5:40 North, 8:40 South.
There's also Vanguard mission that awards gold, Vanguard credits, Dragonwing Scale and various other stuff.
Winning or losing a match also affects the character’s personal rating.