I started raiding in Wrath. Back then the currency used to buy gear was not VP, but Emblems of Frost. You got 2 for the first heroic dungeon you did that day, and you got 2 for every ICC boss you defeated. There was no cap. This made every boss kill feel rewarding even if I didn't get loot, because that was 2 more Emblems that I could not have gotten in any other way.
Now, there is a cap on the raid currency (now valor). The valor you get from a boss doesn't feel rewarding except in terms of convenience, because you could have easily gotten that VP from doing a heroic dungeon or something (and it might have taken less time). In other words, despite the high difficulty of raiding compared to other activities, there is no guarunteed reward for it; you only have a chance to get loot. Even though raiding is fun, it sucks to work hard, and then not get anything, doesn't it?
Raid currency, from Emblems to VP, used to be a way to mitigate bad RNG with drops in raids. But it doesn't feel that way anymore now that you can cap it without raiding.
But recently, bosses now award rep for this faction that you can't get any other way. This solves the above problem. So here's my request: please keep doing this in future patches, and please don't devalue raid faction rep later as you did with raid currency.
EDIT: It has been brought to my attention that raid trash also gives rep, contrary to what blizzard promised. This means that the above problem actually still exists, since you can just farm the trash rather than do bosses. I swear Blizzard is like a mentally ill family member... you want to love them but they make it so hard.