Don't get me wrong, btw, I think it would rock...if done well. I've just spent a couple hours dorking around with the way they write the combat logs. It doesn't leave me with much faith (on top of everything else...lol).
I seriously hope that they take into consideration the nature of players when they design things - people will looking to exploit and game the system. Cryptic shouldn't let that stop them from doing it - it could be awesome - they just need to do what they can to limit how players might ruin it.
As for passives/gear/etc...
+CrtH, +CrtD, +Dmg, etc, etc, vs. Players
+Shield Damage Reduction, +Hull Resist, etc, etc, etc vs. Players
-Duration on CC from Players
+Healing to Players in certain zones
+Healing from Players in certain zones
Etc, etc, etc... think about how all the various things that would only work in PvP might affect balance whether they're passives or gear, eh?
Titles? Costumes? Lol, will it just be vanity stuff?
Oh man, I'm too busy playing the speculation game about May - about how Cryptic's going to take a dump on the KDF - about the Kumari - what did they mean by a Summer Event as well - the effect that fixing FAW et al will have on the game - what the next lockbox will be...sheesh, I need to play the game more and talk less, eh?
Just so burnt out on that Rep Grind.
Oh wait, this is about another Rep Grind?
But it's okay...it's PvP.
Yep, I can spend hours in Ker'rat or the queues without thinking I'm grinding anything. Nothing like waiting on CDs to run STFs, etc, etc, etc...it's a where did the time go instead of the ugh is it time yet.
The only downside i see so far are the farmers. If a PVP rep system appears the anyone who wants will face a sharp learning curve as they try to bridge the skill cap between NPCs and PVPers, or AFK matches. Imagine how many are just going to sit there and watchthe day go by??