Sure, but back in 4.3 they could chain run the 3 5-mans, get 378 gear, then do LFR, and then start another alt because that's what they could do.
While I am not a fan of not having a catch-up system, instant catch-up is not the best for a lot of people.
I think that they need to get 5.0 VP items moved to JP and/or their rep removed in 5.4, otherwise it will take way too long.