I’ve never been to the great vault, but this sounds like we’re on the right track.
Ideally, the rewards we unlock post-cap would be primarily mounts, pets, toys, and transmogs. I say that because gear is cool and all, but it’s both the least interesting reward and the most controversial one. Let the raiders and PVPers have the high ilevel swords and junk like that. Just give us the appearance without actually giving us the item.