And what we get now? Another Double Faction event!! (the cheapening effect of the Champion title is a different topic)
I'm sure that the vast majority of the PvP players will also gain full unlock in a few weeks. And then we will stop gaining faction for long months to come and won't see that lovely '+40' when an opponent dies. And our Total gained faction won't reflect the real amount that would be earned.
The current system hurts also the PvP Edition buyers, as they will hit the cap at extremelly low faction amounts. This may be greatly discouraging to them.
There's so much potential in having Balthazar Faction to continue being a reward for PvP players!!
And it could be used as a form measuring one's general expierience in PvP, as opposed to those very specific titles (Gladiator, Hero, Champion, which should stay as they are)
Here are my suggestions on what could be done to the PvP reward system, based on Balthazar Faction::
1. Armor sets!
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Seems so obvious now that PvP characters don't need to be deleted anymore and are much more flexible than PvE characters. They only lack in customization of their looks. This is one change that would help it and be a great reward - unlockable armor sets! Just a few more sets would be enough, no need for FoW or PvE players would complain. Maybe in future add 1 set exclusive for PvP as an elite reward.
The current PvP equipment creation engine would support this change, so no need for any extra work at this. See screenshot:

Easy to add more sets on the list. Unfortunately it won't be that easy with weapons.
Not a single Elonian armor has made it into PvP, even players who bought only Nightfall can't use them!
There should be different 'Tiers' of PvP armor for unlocking, for example:
Warrior:
*The 10k fb set - Sunspear (1,5k)
*The 20k fb set - Gladiator (15k)
*The 30k fb set - Kurzick (15k)
*The 40k fb set - Imperial (15k)
*The 50k fb set - Elite Sunspear
*The 60k fb set - Primeval Armor (15k)
*The 100k fb set - Obsidian Armor / a new PvP exclusive set
(just an example, different sets could be used)
100k Balthazar Faction cap is doable but requires for example: Hero Rank (11), Gladiator(5), Champion(5).
The costs are for unlocking an armor set for 1 chosen profession. I think they are quite low and probably should be at least doubled but that would require having to pay two times, which may be too complicated to implement or annoying for players. So maybe it should just stay like that.
2. Black and White dyes for PvP
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Easiest to implement and an excellent reward for high-end PvP'ers - Unlocking those rare colors for your account.
These should cost quite much and require a high max faction.

The PvE fanatics shouldn't complain much as there won't be any dye mixing for PvP, only those basic colors.
3. A title based on gained faction total
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Make the gained total faction increase even if you don't spend them. Make a title reflecting the gained faction total and it will surely become widely recognized as the measurement of expierience in general PvP play. There may be even emotes connected to this title.
4. Spending Balthazar Faction on your Guild or Alliance
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A guild could have it's faction pool and members could transfer their faction into it. Then the guild faction could be spent on Guild Hall upgrades, decorations or running events like fireworks displays.
The whole alliance could also have it's faction pool but i can't think of any uses of that right now, need suggestions.
5. Other possibilities
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- unlockable weapon skins (would require changes in the current item creation screen)
- new unlockable emotes
- turning faction into items, for example 10k faction for a random gold max item (almost every skin possible, without the extremely rare ones). this should work like an occasional gamble, not a way to farm golds or flood the market.
- need your input here!
Got more ideas of possible ways to spend Balthazar Faction ?? Ideas to make PvP even more rewarding? Post them here!