I tested it a bit on PTR, bought Bilgewater tabard and went to Ragefire Chasm, I got 3 rep from mob, 60 from boss. I tried also Stratoholme (skeletons weren't providing rep so it wasn't benefical at all imo) and Scarlet Monastery (that was blast, I think close to 2k rep from all 4 wings) Then I went to Utgarde Keep but I got no rep from mobs there, so I guess it works only with vanilla dungeons.
Also mobs outside Scarlet Monastery were granting me rep. I think best and fastest way to level up will be Scarlet Monastery with bunch of friends.
I am not sure how instance limit/hour works but theoreticaly in scarlet monastery you should have enough time not to reach limit while clearing all 4 wings. With 2k/run and 42k needed total you need 21 runs through Scarlet to hit exalted. 5 times/hour all 4 wings - that should be from 0 to exalted something around 4 hours and something
I prefer being a Bloodsail Admiral, but now none of the neutral cities like me
Don't know if I will really need these tabards.
Already got ambassador on my mage a long time ago but I might need these tabards for my twink (achievement farming on him)
He is currently revered with all major city's but there are now more quests available (done 662 quests) for him since he is a lvl 19 twink link. However with the shattering there might be enough new quests available to get to exalted. The most rep I need is 14.5k with silvermoon but since ghostland isn't changing there might not be to many new BE quests so might need the tabard for that one.
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Can anyone tell me what other rewards can be purchased at the faction quartermasters? Or is it just the tabard?
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The Goblin rep vendor is right by the Orc and Troll ones in Org, which are right by the flight master. The Goblin's don't have their own capitol since Kezan was blowed up, so they took over part of Org as the Goblin slums. They also have Bilgewater Harbor in Azshara, but I don't know if there is a rep vendor there.
I just farmed darn rep on my Human just for the mounts, only if i waited another couple of days