The rewards are a very nice spread of rare cuts, ranging from five to eight Dalaran Jewelcrafter's Tokens each. Doing the daily quest each and every day, you'll be averaging one new cut per week, which isn't too shabby. Both regular cuts and metagem cuts are available for purchase.
With the way it has been implemented, it seems you'll want to coordinate with other Jewelcrafters in your guild, or simply other Jewelcrafters you know, to pick and choose which your guild will need first, Once that's done you can work towards completion. Not bad, I think, and it should be a fun dynamic. Better than random world drops, for sure. Still, we'll need to see it in action for awhile before we can make a real decision about it either way. So far, I like it and I'm curious to see how it will be handled for other professions.
If you're interested in the cuts available, we've added them to our Wrath Jewelcraftng gallery, which you can see below. As always, click the Hi Res button to see them a little larger.