Golden Lotus and Shado-Pan are the only Factions I could find in MoP with Item rewards. If that is true I like it. If there is any other Faction that rewards Items (gear) please let me know.

Edit: I miss The August Celestials and The Klaxxi... dam it was hoping for less rep grinding in MoP :S

The faction rewards have been collated by MMO champ here:
http://www.mmo-champion.com/content/287 ... zzard-News

4 factions, all with a relatively equal loot distribution, it should be noted that all the rewards require both revered rep AND valor points.

Valor rewards are as follows:
Raid boss 100
LFR 90 (per segment)
Heroics 30
Challenge Mode 10
Daily Quest 5

Thus in the first few weeks of the expansion, before all the raids are released you'll need to farm a significant number of heroics/dailys to buy any valor gear you like the look of.

The 489 ilvl loot available from the vendors is the same ilvl as that which drops in normal mode raids.