Spending some time on this and testing every alphabet (\a, \A, \b, \B and so on) it did show what MOTD can display dynamically although i dont know if there is more to it that can be done with special characters than just alphabets. Here is what i was able to find out
\n=<node-name>, \b=:, \d=<date>, \f=0, \l=/dev/pts/1, \m=<processor-architecture>, , \o=<domain-name>, \r=<ontap-version>,\s=Data ONTAP, \t=23:20:54 UTC, \u=<some unknown number>, \v=<netapp-version-and-date>
\L=last login time, \N=logged in as <who>, \C=<cluster-management-name>, \I=<cluster-management-IP>, \O=<domain-name>, \U=number-of-users-currently-logged-in, \W=<node name and logged in time and IP address of user