I hate doing dailies, especially having several characters.

Is the "Represent Faction" feature added to avoid tedious daily quests grind ?

Patch 5.2 will have two new factions. The Shado-Pan Assault (for which you gain rep inside the Throne of Thunder raid instance), and the Kirin Tor Offensive (Alliance) / Sunreaver Onslaught (Horde) for which you gain rep through daily quests.

It's important to note that Valor points items are only available on the Shado-Pan Assault, so you don't need to do the dailies if you only want a source to spend your VP.

does this mean that the rep rewards from Kirin Tor/Sunreavers are purchased with another currency?

You'll be able to buy them with gold. Keep in mind that those items are level 476 (except for the Exalted rings, which are 496 and cost Valor Points.). However, if you get to exalted, you'll also be able to acquire a sweet, sweet dino mount. A primal direhorn.

Additionally, you'll also be able to earn the Grand Commendation for that faction at Revered, as is the case with the existing 5.0/5.1 factions.

Additionally, you'll also be able to earn the Grand Commendation for that faction at Revered, as is the case with the existing 5.0/5.1 factions.

will the raid faction also have a grand commendation?

Although there is mistakenly one on the current PTR patch, there won't be a Grand Commendation for the Shado-Pan Assault.

Will rep from "tabard" in 5.2 be affected by grand commendations?

Yes, it will.

I've updated my previous posts as part of the information I posted wasn't completely accurate:

There won't be a Grand Commendation for the Shado-Pan Assault (that is the raid faction) on Patch 5.2, although there's currently one available on the PTR, which is a mistake.

Also, please note that the item level 496 rings from the Kirin Tor Offensive / Sunreavers Onslaught do cost Valor Points (only level 476 items cost gold).

Oh, a dino mount. We'll lets see how... *clicks link* THIS... IS... GLORIOUS!
If I keep throwing my wallet at the screen will that make the process any faster?! :D

Unfortunately no, but you might break your screen in the process, and then you won't be able to bask in the gloriousness of the mount.

20/02/2013 09:19Posted by Cleoo

will Rep for the Shado-Pan Offensive also be obtained from LFR, or only from normal/heroic raids on ToT?

It is obtainable on LFR as well, yes.