Neophyte quite literally means a beginner. As a new member of the coven, an additional set of classes is available that builds upon the previous taught in the seeker course, including what is needed and expected should initiation be sought. Neophytes are also automatically invited to all Sabbat rituals, coven socials and New Moon rituals that are held.
Speaking of initiation, it is NOT required nor guaranteed. Not everyone feels called to serve as a priest or priestess or they may not be ready for initiation and/or a deeper commitment than what they already are providing. That is okay! Everyone learns and grows at their own pace so it may be years before they and/or their initiator(s) feel they are ready. Others are content to just remain at the neophyte level, having the support and camaraderie of a coven. It is something that each neophyte must decide for themselves.