I value basically everything in the Pre-MoP system. It feels good when legendaries FEEL legendary. I like helping others get a legendary if its not for my class. I like seeing the massive dps/heals a player with a legendary can contribute, and that not everyone can do that.
MoP/WoD system is tricky, because i only had time to play the start/end of the expacs during that time period. What happened is that i didn't have the time to finish my cloak/ring quests, and didn't want to qq about the system, so i just didn't play as much. Felt like a bit of a 'gate'. I remember atleast queing for LFR to see what was up, and oh my god, if you were a dps, not having the ring felt like you were just tapping the mobs. Wasn't fun at all :\
If they wont go back to the old system of legendaries (pre mop) then i think your system might do ok. Don't penalize ppl for playing the game how they like it, but also reward more on time and/or skill.