I'm running Kumho Ecsta Supra 712s with a 280 rating at the moment. Even though the BFGs I had before had a 400 rating, they last the same amount of time.
That shows you how much nonsense the treadwear rating is.
Even within the same brand, a harder tire with a higher number will probably be abused more than a softer tire with a lower number, when looking at the same driver and car. So a standardised test that only measures ideal life, will come nowhere near real life. As mentioned above, it's similar to fuel economy ratings. My 4200Lb V8 powered Impala might have the same ideal ratings as a 3000Lb V6 car, but the smaller, lighter car will probably get better real world mileage.
Traction ratings rate Straight Ahead Wet Braking Traction. Thus, the Goodyear Aquatreads on my Olds, and the Kumho 712s on my Impala both carry an "AA" rating, but the Aquatread is a pretty poor dry cornerer, due to its specialization on one aspect. I'll take that trade though, since grandma needs the wet handling and braking(where even she will be closer to her limits) more than the dry handling. Traction grades do not indicate cornering ability. Ratings are AA, A, B, and C. I don't think that "C" has a minimum allowed, so I would NEVER buy one with that rating. Never seen one though...
The "AA" rating is an official one and was introduced in '97.
For Heat ratings, "C" is the minimum allowable heat shedding ability, with B and A being better. Here in the south, B is the lowest I am willing to go and only for a vehicle that is not driven agressively(Only "A" for my personal vehicles...)