For the life of me, I can't figure out what the hell they were thinking when they got rid of Valor Points. In my estimation, the game is suffering right now in the absence of a reasonable currency for acquiring items. Gold is a fine currency for flavor items but not nearly as effective for "character progression" sorts of things, especially since they throw bucketfuls of it at you just for logging into your garrison. Apexis Crystals are a catastrophic failure, with not enough items available for purchase with them and not enough ways to acquire them other than an extremely tedious daily quest.
I like really Challenge Modes, and find them to be one of very few things to do in the game that are actually compelling to me from a gameplay point-of-view, but NOBODY WANTS TO DO THEM. The daily rewards are garbage, and the gold they give you is barely enough to cover the cost of the potions you probably spend on the run itself. Even after they upgrade the reward to 660 I really can't imagine people being very interested in keeping with it, because the scheme has the downfall of potentially rewarding you with the same pants for five days in a row when you already have a better set of pants from raiding, or whatever.
Valor Points had the major benefit of giving you a slow-but-steady way to acquire targeted upgrades by *playing the actual game*. It was kind of a catch-all way to give you goals outside of the main raiding pathway, and that was a good thing. There really aren't any of those now. That hole is made more strikingly apparent when you look at the complete failure of incentives provided by CM's; where once they could've given you a good chunk of your weekly allotment of a specific currency, now they're essentially useless after you've gotten the associated achievement. Not only does that leave us with one less compelling thing to do in the game, but it also creates a situation where the people who are most experienced in doing that activity are no longer ever interested in doing so, and thus the newer folks aren't able to benefit from that experience.
I just think the lack of a dungeon currency is a very bad thing, and constitutes yet another design decision that really doesn't make any sense to the outside observer. They need to bring this back.