Bornakk says no -- he says that if they just kept the same tokens and charged more per item, people would end up doing Naxx, Ulduar, OS, and any other instances that dropped that token every single week rather than actually moving up through the content, which is what Blizzard wants us to do. He also says that the Emblem exchange mechanic is designed to help this -- you can do Ulduar and go backwards for the gear, but you can't do Naxx ten extra times to get Ulduar gear.
Which, we have to give it to Blizzard, is actually pretty smart. Yes, it does keep players from farming up the tokens (Blizzard knows that if you could run all the instances per week just to get one kind of token, there'd be lots of players who would), but it also keeps people progressing to get gear they can upgrade to. As Bornakk says, they've been trying to improve the Badge system ever since it was introduced in BC, and this method of introducing new currency to send players up the ladder is a result of their work there.