I guess I have to weigh in on this one, since the fate of the civilzed world is certified NOT to be in the balance...
My credentials: During my 24 year Navy career which included enlisted and commissioned service, I served for two years on the staff of the NROTC Unit at the University of Washington, preparing some of those midshipmen for the sunmmer cruises that are mentioned above. Also served with a Navy Warrant Officer, as well as many dozens of Navy Commissioned Warrant Officers. and there is the hook...
First, let's explore the statement "a warrant is a warrant". That would be true, but the Navy doesn't have them anymore. I think the other services do. Consider the paygrades. We all know E-1 to E-9, and O-1 to O-10. The Warrant grades are W-1, and CWO-2 to CWO-5. W-1 is not a commissioned officer, and CWO-2 thru 5 (5 is a new level brought in during the last 15 years or so, across the different services) are Commissioned Warrant Officers, although frequently spelled out as "Chief Warrant Officers". The Navy stopped using the rank of W-1 in about 1973. I believe the Army still uses W-1 for helicopter pilots (answer to the trivia question - "What force has the most aircraft in the world? - the US Army has more helicopters than any air force has airplanes - but I digress) Where do they rank? For lineal numbers, the CWOs rank below the junior Ensigns. For authority on a ship, Ensigns don't try to match rank with CWOs.
So that W-1 Warrant that I knew in 1973 was a certifiable dinosaur, and when the Navy pulled the plug on that paygrade, he was given the option of "up or back down", and he reverted to Chief Petty Officer. I've never met a Navy CWO-5, as the Navy was the last to embrace that paygrade - Congress approved it in ~1990 and I believe USAF used it first, with other services gradually following. I retired from the USNR in 1997.
Midshipmen? They are not officers. How are they to be treated when they go out on their Summer Cruises? The First Class midn, the gonna-be-seniors in college, are dressed in khaki, they mess in the wardroom, they act as assistant division officers during their cruises, and they generally "rub elbows" with the junior officers (learning leadership). The Third Class midn, the gonna-be-sophomores in college, are dressed as enlisted, they work with the enlisted folks, they stand junior enlisted watches, they learn what it is like to be on a ship from the bottom up (learning to follow orders). And if they don't like it, when they get back to the NROTC Unit, they opt to not sign the scholarship committment papers. See ya. During those cruises, as was stated, all these midn are paid equivalent to an E-5, less quarters, housing, or family allowances.
Since you ask: What about their Second Class Summers (gonna-be-junior)? That is made to a structured course around various disciplines - aviation/surface/subs - in more of a training environment than the First and Third Class Summers, when they are sent individually to a fleet unit for immersion in the Navy environment.
Midshipmen do not have any rank authority. And though I speak from the NROTC experience, this is also true for Midshipmen in OCS, the Academy, and all the other programs, right up until the moment of raising the right hand for the commissioning oath.
Back to the point: Jimmy Carter was commissioned shortly after the war ended, so he did not qualify as part of that trivia question.
There, I feel better now.
Rick Heinbaugh