I've been gone since Cata and I want to know how people view Challenge Modes? Are they? How are they ranked and if you rank in a challenge mode, does that garner respect?
They are seen as challenging side-content. They don't reward you with anything but cosmetic stuff and a sense of achievement, so they're not part of progression. They are definitely a challenge, especially when done timed. Getting a gold rank requires solid communication, planning, and playing skill. Probably more so than any 5 man content ever before in WoW.
It's less prestigious than heroic raiding I'd say, but if someone has the full transmog set I definitely know he could play this game on a high level.
To put it in perspective, we are a full guild group and we breezed through some of the 1st challenge modes getting golds in >5 tries
Some of the others ones we are working on now take <10 tries, if you spend 50+ wipes on heroic bosses then wiping a couple of times in these to get the tactics shouldn't be a problem.
As far as difficulty, I would say they are on par with low-mid teir heroic raiding,
with crappy setup it took us like 1-7 trys ( caster melee grp no support )
same poeple with alts and faceroll setup ( monk tank , heal priest , elee sham , warlock , mage ) we did most of them in 1-2 trys :|
Its just about teamplay , and setup
Once your group knows how you play togheter its not realy challenging
Of course more then normal stuff but i would not say that its hard