I like the PvP system, but there are too many people who've been complaining that the amount of honor points you gain was decreased by 30%. So let's take a moment to break this down...lol
The way the system used to be, you'd have to play like a madman for about 3-5 months to get to rank 13 to get the nice armor, and another 2-5 weeks from there to get rank 14 for the weapons. Your average gamer doesn't have that kind of time to devote to the game so the true purpose of the new PvP system was to allow the casual gamers, or those like myself without the attention span to reach the higher ranks(I only made it to rank 8) access to the armor and weapons.
The amount of honor you gain was decreased mainly because people were getting gear and weapons way too fast. For example, I got my Warlord's Plate Helm 3 days after the release of the patch, and the General's Plate Legguards another 3 days after that. I wasn't complaining, but I'm sure it's not what blizzard had in mind for getting the items.
Another reason for the system is the upcomming expansion. Not everyone is going to get the expansion, at least not right away. And perhaps just like with Diablo 2 you'll still be able to play characters without the expansion stuff. So with less people and an honor cooldown, BG queue's would take forever and a day and you'd never be able to hit the higher ranks.
As for gaining ranks, you'll be happy soon enough, N1NJ4.

When the arena ranks go live, which I don't think will happen until the expansion, but still...the arena gear is going to be amazing(and look super cool, too).
no more online mode for me anymore, perhaps some day.
Forever wishing there were actually unique looking weapons in PSU.