I dont see how people should be specially rewarded besides mounts etc. When I play arena seriously I wanna see how far I can push myself skillwise. And the fun comes from playing in a good comp with good mates way WAY more than from items. And if you give "elite" pvpers some special rewards, what about pve then? What about the people who kill stuff earlier with lower itemlvl prenerf? It actually would be fun to see something like this happen just to embrace the insance shitstorm that would follow instantly.
But perhaps thats just this materialistic thinking to have status symbols, to fell better than everyone else because you have stuff the can not afford/get. ^^