There is no rewards for PVP in this game besides eprops and generally negative karma and reputation. You should be rewarded for killing other players, just saying. But Standing Stone Games appears to be in the business of selling bunny ears instead of making PVP exciting and rewarding. The original DDO designers did intend to enable PVP in this game otherwise there wouldn't be the tavern brawl and PVP arenas.
Put PVP balance to the side for a moment and think about the PVP rewards SSG should be adding to the game. Should they be purely cosmetic or should they be stuff like tomes, XP, items/gear/skills you can also use in PVE etc.