In short, come 3.2, it seems more than likely that we can expect the Goblins to be done building that coliseum, and the next phase of the tourney to be underway. So the question is, what exactly will we see?
I can't help but hope to see the return of the old factional armor. I've complained about this before, but I miss the distinctive look of many of the old faction-specific PvP armor sets, especially for plate wearers. It offered a distinct fashion and way to show off your factional loyalties if faction-based RP or Battlegrounding was your pleasure. Sure, it technically still exists in the level 60 gear, but that's level 60, and I'm pretty sure my Death Knight can't get a set at all.
So I'm saying I want them to at least bring back the helm and shoulders, so that we can wear something distinctive that shows our factional loyalty without being near useless in an actual battle. Just because my Death Knight is an undead abomination doesn't mean he's not a loyal subject of King Wrynn!
Another thing I might like to see is guild championing. I play on a roleplay server, and my guild has a robust roleplay back story. We're a group of refugees who lived in Northrend before the Scourge invasion, and we wish to return to Northrend, reclaim our homes (Or, in the case of our non-refugee members, start a new life in Northrend), and establish a new nation. If we had our druthers, we'd definitely have our own tent in the tourney with our own grand champion and the like.
I realize that's something we'll never actually see, but it might be fun to have some minor guild championing options that would allow you to wear your guild tabard's symbol on your champion's flag when jousting, or to spend your champion's seal on things emblazoned with said symbol, maybe a cloak or a banner.
So be it new rewards, new quests, or new mechanics, what are some of your ideas and wishes for the next phase of the Tournament?