While new Portals no longer count towards the Medal, agents who earned Seer before the cutoff still have the Medal in their Agent Profiles. The Medal's exclusivity grants the bearer a fair amount of prestige, similar to the Founder, Innovator, and Anomaly Medals.
Prior to the Medal's retirement, each new Portal that was successfully approved by Niantic caused the agent's Seer count to increment. The Medal was awarded upon restarting the Scanner once a threshold was reached.
As of now, no Medal or statistical reward is offered for having a Portal approved. It's currently impossible to view how many Portals an agent has submitted.
Because Portal density was initially low and many modern Medals had yet to be introduced, Seer was once a key Medal for agents seeking Access Level requirements. Aggressively submitting numerous new Portals decreased the time required to reach the crucial 500 Portal threshold, and agents often used software utilities to track their submissions and keep their pipelines full.
While Portal submissions were always brisk, the introduction of Medals and higher Access Levels massively increased the quantity of submissions. By the game's second anniversary, over 3,000,000 Portals had been approved, averaging approximately 4,000 approvals per day.
The increased volume overloaded Niantic's approvals team, leading to an increased number of Portals which lacked pictures, notability, local flavor, and sufficient distance from others. This led to a community outcry and shaped much of the game's contemporary clustered topography.
On December 16th, 2014, Niantic announced on Twitter and Facebook that Seer would be temporarily suspended. The suspension was never lifted, and the Medal is presumed obsolete. Coupled with Niantic's more aggressive approval process, new Portals now appear far less often.