Errm VP gear was originally intended as a consolation prize for those that didnt get gear from raiding or for downing bosses that didnt drop anything for your spec really. That was its original intent.
But the way it is now is like you stated, Its for people that don't raid or can't raid now. Its going to be some of the best gear a non raider can get. The point i was kinda trying to drive home was its an option either raid for your gear OR Grind for your gear. I was trying to point out that if you actively raid then you really aren't forced into doing dailies you can do some for tokens but other then mounts, and a few small side/early upgrades its not something required. But people here were complaining that pretty much they can't have their cake and eat it to, they want 489 but dont want to put the effort in to obtain it. The Gear is gated behind rep as a way of keeping pace with a normal way a raider gears, like i said before, it takes 21000 VP to get every piece of VP gear, or 21 weeks of Valor capping and even doing the bare minimum for tokens a week, you should EASILY have enough rep with the factions to buy every piece you want.
Part of the problem is most people think they are REQUIRED to do every daily every day til exalted, hell even I burned out on week 3 of doing that. But instead of having the self control to say Well Ill work on this one this week that one next week so i can pace myself.
Its like fat people trying to sue McDonalds for their food being good. McBlizzard isnt forcing you to eat, they are giving you the option, it's your own fault for over indulging.
As for tons of ways to gain but no way to spend, There are 3 ways Heroics, LFR, Dailies. Dailies to get VP and rep to spend Vp a means to and end, Heroics give like 80 Vp a day(40 after) So if you ran one heroic a day that's 560 Vp, LFR is 90 for 640 that leaves 360 Vp to get more. Now you could run heroics another 9 times or 72 dailies (over the rest of the week) to get your tokens and rep thats 10 dailies a day one extra on weekends. Which 10 dailies take approx the same time as one heroic.
In the end most people here are concerned about dailies taking to much time to get vp when the time it takes to get VP takes time it self. Hell on Bacon i didn't do any dailies cept cooking and Tillers and was at 2500 VP, so i ran like 4 days of the 8 Klaxxi dailies which took about 10-20 mins each day and hit revered and bought the belt for 1750. now i have like 1k vp and still have the pants to buy for 2250. And since i still want to gear him even as a Non raiding toon i try to get tokens every week to spend in LFR, so I do my Golden lotus dailies, only the first hub, and by the time i buy the pants from klaxxi and be anywhere NEAR close enough VP to buy another piece I'll easily be revered with them doing almost nothing extra.
I will admit I came off very strong, but I was trying to make a point, you dont need to run dailies unless you dont want to Raid, and even if you do the minimum amount of dailies a day to get enough tokens to get a shot at extra loot in LFR/Sha youll get enough rep to buy the VP gear their saying they want.
Lets say theoretically Blizzard took Rep requirements off all VP gear, this is what would happen. Log on tuesday run LFR, then spam heroics until cap, then for the rest of the week people would sit in town and complain their nothing to do, which is something that happened in Cata (Minus rep for Head enchants) and they quickly got bored. This system is to avoid that saying here's something to do and if you do do it it gives you more gear options, so you dont have to spam heroics one day a week and then be bored for the rest of the week.
I did state I feel there should be something for raiders to use VP on (Patch 5.1 nulls this with upgradable gear).