I've been considering the changes to PvP coming in Mists of Pandaria intended to address some of this and the conservative design philosophy reflected in this post by Ghostcrawler, and it has me contemplating how much more radical the redesign to PvP could and potentially should be. We know that in Mists of Pandaria, valor points will no longer serve to purchase new gear. Instead, they will be used to upgrade existing gear. You'll get a dungeon drop, then spend valor on it to improve it for purpose of raiding content, making the piece itself better instead of replacing it with a valor purchase.
This has me thinking, and thinking hard, about how honor and conquest points should work in Mists of Pandaria and whether or not we should even have separate PvP gear anymore. There are a variety of ways we could alter the existing system.