There's definitely some sweet upgrades here. Casters who've not had any luck getting Prince Malchezzar to drop his dagger (and even those who have it) should be ecstatic for the Scryer's Blade of Focus, while the hunter in me is drooling over the Crossbow of Relentless Strikes. Haste and spell haste rating seems to figure quite prominently on the various types of armor, but there's also a good amount of hit rating as well. Some of the cloth pieces might even get some tailoring Shadow Priests and Affliction Warlocks to shed their Shadoweave sets. The search goes on for a vendor for all these goodies, but with any luck they'll be found soon.
If this is the badge gear, and it is unlockable by finishing different levels of the daily quests at Quel'danas, I'd say it's another great mechanic by Blizzard, in that it's yet another thing that'll definitely bring the server together by giving a really excellent incentive to finish the race. In addition, the badge gear should not only let casuals who prefer to stick to clearing Karazhan and running Heroics have a definite avenue of improvement, but also let raiders who have been waiting forever for that one boss drop have a chance at picking themselves up some reasonable side-grades, especially now that they'll be able to get the badges they need from the 25-man raids themselves.