As someone that has already farmed all of the honor and marks I need for season 3 on two characters, please, please keep this change. The barrier for entry for people to participate in arenas is so high. Arenas are dominated by the hyper competitive players that are willing to put in the time to farm the gear and BGs, but unlike original TBC where players had more time, the average player has no interest in sinking huge hours into farming the gear needed to participate.
Competitive PVPers are not going to care that the barrier of entry is lower. Why create an environment where players are discouraged from participating? The people that do arenas competitively want more participation, not less.
In WOTLK, Blizzard took the approach to make raids more accessible. Thats why Naxx was reused. Why would you not take the same approach to competitive PVP? Make it so that the average player can gather the gear they need for entry level arenas without such an absurd time commitment to grind out gear. A fresh leveled 70 can get carried thru an old raid and get fully geared out in just a few weeks, but that same character is looking at hundreds of hours of BGs, at best, to gather the required gear they need for arenas at a reasonable level.