The WOW pvp system awards time and not skill, so if you don't have 12 hours a day for PVP'ing, going for exalted with one of the factions in the battlegrounds, will most likely get you better results gear-wise. The advantage of going for exalted with the BG factions is that your reputation gains aren't reliant on others, as it is with the PVP system, so you can gain rep when you want and it doesn't decay.

There are 3 battlegrounds; Alterac Valley (AV), Arathi Basin (AB) and Warsong Gulch (WG).

Warsong Gulch
Warsong Gulch is 10 vs 10 capture the flag. The games themselves are bracketed in the usual brackets (10-19, 20-29, 30-39, 40-49, 50-59, 60) and the reputation scale to the lvl.

Horde gains repuation with Warsong Outriders and Alliance gain it with Silverwing Sentinels.

Honor Rewards
The game awards bonus honor to everyone on your side of the match for reaching certain goals. Those goals are:

capturing the opponents flag, rewards 396 honor (at level 60)
winning the match, rewards 198 honor (at level 60)
Honor for lower level matches scales down from the amounts given. Other scored events are not granted honor. These include: killing blows, picking up the opponent's flag, and returning your flag to your base. Honor is awarded for honorable kills as normal.

Winning a complete match (3 captures and the win bonus) gives you 1386 honor (at level 60). It also awards you 3 marks of honor. Turning in the quest for 3 marks of honor is worth an additional 396 honor points.

Losing a complete match (0 captures and a loss) gives you no bonus honor. The only honor you will accumulate will come from honorable kills. You will receive 1 mark of honor at the end of a loss, so you can still collect 3 and turn in the quest as given above.

During the Warsong Gulch Battlegrounds Holiday, you will earn double reputation bonus for each flag captured on your team. The winning team will earn an additional 990 bonus honor (at level 60) for completing the match, in addition to the usual 198 bonus. The losing team will earn 594 bonus honor at the end of the match. Thus a 3-0 match will award a total of 2376 honor to the winners, and 594 honor to the losers during the holiday.

Reputation
Flag Capture - 35 reputation for entire team (10 extra reputation on a Battlegrounds Holiday for a total of 45).
3 Marks of Honor - 50 reputation, or 100 reputation if done through Concerted Efforts or For Great Honor quests.

As can be seen, in this BG you really need to win, to be able to rep up properly. Therefore it's one of the more difficult ones (as opposed to AV), to rep up consistently. Pray your side is good :)

Exalted rewards
These are the lvl 60 rewards. There are also epic rewards for the 40-49 and 50-59 bracket. Check http://www.worldofwarcraft.com/info/basics/factions/warsong/index.html for all the rewards.

Tabard:
Silverwing/Outrider Tabard -no stats-

Wrist armour:
Berserker Bracers: Plate, 323 armour, 19 STR / 8 AGI / 11 STAM
Dryad's Wrist Bindings: Cloth, 44 armour, 8 STAM / 8 INT / 7 SPI. Equip: Increases damage and healing done by magical spells and effect up to 22.
Forest Stalker's bracers: Leather, 86 armour, 11 STR / 19 AGI / 8 STAM
Windtalker's Wristguards: Mail, 182 armour, 8 STAM/INT / 7 SPI. Equip: +38 Attack Power

Leg armour: Sentinel's/Outrider's
Silk Leggings: Cloth, 188 armour, 23 STAM / 19 INT / 10 SPI. Equip: Increases damage and healing done by magical spells and effects by up to 28.
Lizardhide pants: Leather, 262 armour, 22 STR/STAM/INT, 10 AGI, 9 SPI. Equip: Increases damage and healing done by magical spells and effects by up to 11.
Leather Pants: Leather, 233 armour, 28 AGI / 27 STAM. Equip: Improves your chance to get a critical strike by 1%.
Chain Leggings: Mail, 364 armour, +35 AGI / 15 STAM. Equip: Improves your chance to get a critical strike by 1%. Improves your chance to hit by 1%.
Mail leggings: Mail, 364 armour, +14 STR / 22 STAM/INT. Equip: Improves your chance to get a critical strike by 1%. Improves your chance to get a critical strike with spells by 1%. Restores 6 mana per 5 sec.
Plate Legguards: Plate, 646 armour, +28 STR / 27 STAM. Equip: Improves your chance to get a critical strike by 1%. Improves your chance to hit by 1%.