The only problem with this is that you still need to be revered in order to buy anything with these valor points... So yeah, for a while, dailies are a must unless you're willing to jump into raids with only LFR/Heroics gear, which any serious raider would try to avoid.
I'm done with the rep grind and I love the new commendations that you can buy now in order to expedite the process on your alts - should make it easier for anyone who wants a 2nd or 3rd raiding toon to jump into action.
There's always upgrades as well that you can use to buy things with valor. As well as the Black Prince quest (do you even need rep for that to get your legendary gem?). I'm sure there are people who do jump into raids with only LFR/Heroics gear - I mean again, they've changed it so that casuals can raid as well and see content, and I've seen/pugged with many guilds who do have people who wear that sort of gear into raids. Their progression is slower, but it's still manageable for them.
Commendations are pretty awesome. I must agree on that.