Customising your own gears is one of the things that would be nice to think about as for favor grinding. I guess it's not that easy to implement but what about giving the opportunity to those who meet the requisite # of favors to change colors on their armor/sheild/weapons/helmet?
Or what about having an option like "showcloak on/off" and so forth.

It sounds trivial i know but look, when you have 10 capped toons or more, so much plat that you cannot spent them fast enough, got all the major named items multiple times, only god knows how many tier 3 crafted tiems and everything done on elite what do you expect more from that game other then trivial thing?

I know... more content would be the top priority but thats is not related to favor rewards. I dont care about druids and more races if it's too demanding with what resources you have left turbine but what about some cool implementation like customising?