I agree with the OP completely.
I have been doing dailies consistently, not because I need the VP gear, but because I loved the factions, the quests are fun and I like reputation grinding.
I am nearly Exalted on most of them, and guess what I found out? I now need over 20.000 Valor Points to get that gear! That will take me what, 3 or 4 months?
There is absolutely no need to run all factions everyday. I myself, being a daily whore, am doing just 2 factions at each time. And still I am nearly Exalted with most of them!
People will run dailies like crazy, cap their reputation and then realize this was notnecessary, since now they have to wait for the Valor Points. And in the meantime, they will get better gear from HoF and ToES. And then they will realize they don't need Valor gear anymore!
And even worse, they will whine that there is nothing to do in Pandaria. I am just waiting for the coming complaints...