Gree: Will you sing for your Galactic Reputation?

With Patch 1.7 bringing Galactic Reputation into SWTOR, how will it change our play styles? 

If you have played any MMO you will know that reputation grinds can be both rewarding and monotonous  SWTOR has survived over a year of popular existence without it but now it's coming to the game. Could this be the missing elements for end game players? Have you found the daily quest rewards to be lackluster? How will this reputation grind change how we perceive end game?

From the screenshots of the preview of this new feature, it looks like we'll be provided with four unique reputations:
The Gree Enclave
Imperial First Mobile Fleet
Imperial Guard on Belsavis
The Voss

Now these may branch out to be six across your legacy because the Imperial and Republic are separate. It has not been made clear yet whether you will have separate reputation for your character's faction, even though reputation will be shared across your legacy.

Reputation has six unique levels which will (obviously) unlock new rewards as you level up. This will provide a unique way for subscribers to acquire cool new gear to brag about. But will Bioware make us sing for our rewards? How many months will it take to become a Legend and how awesome will the rewards actually be for our efforts?

I actually enjoyed reputation leveling in other games like WoW. It provided an extra level of achievement that you were rewarded with, apart from credits.BUT - the rewards can make or break the reputation grind. I can see reputation bonuses being a hot seller on the Cartel Market for people who prefer to hand over cash to speed up the grind.

What type of things do you want to see from your reputation and how long do you think it should take?