Prior to Marian reforms, to serve in the Roman army you had to be of a certain social class, own a certain amount of money and provide your own equipment. Also, there was no standing, professional army, and it was recruited on the outbreak of war. So I'd guess that Pre Marian veterans were respected, as they actually served their country out of sense of duty and not promises of payment.

After the Marian reforms, landless people, plebs and even non Roman citizens were recruited, offered payment, spoils from the campaign, and upon release from duty, land in a captured territory. Because of that, and the huge influx of lower social class Romans/non Roman citizens, serving in the army probably lost some of it's prestige. It was no longer a duty, to serve one's country, but a job, and a way to increase social status (receive citizenship and land, if you survive 20 years of service). So I'd guess it wasn't more respected, as joining the army was of mostly economic motives.

I hope this helps

Maybe to round out the question, and because I am curious, how were they treated prior to the reforms as well?