Perculia at The Wowhead Blog: There are three new factions in Patch 5.2: Kirin Tor Offensive, Sunreaver Onslaught, and Shado-Pan Assault. These currently all have rewards on the PTR, and two of the factions have rewards that do not require 
Valor Points to purchase! And while Shado-Pan Assault requires Valor Points, they reward you with ilvl 522 epics.
Kirin Tor Offensive and Sunreaver Onslaught
After the Dalaran fallout in 5.1, these two new factions led by Jaina Proudmoore and Lor’themar Theron respectively are investigating the new island both to help the Pandaren and profit for their own political gain–check out our 5.2 Audio Spoilers for more details. You can also check out some of the daily quests here.
Rewards
These factions have rewards that will not require Valor Points to buy–a change of pace from everything else in Mists.
- Rotting Bog Cinch Requires honored with Kirin Tor Offensive
- Rotting Bog Cinch Requires honored with Sunreaver Onslaught
This faction is in the style of Ashtongue Deathsworn and Avengers of Hyjal, where reputation is only gained by killing bosses in raids. Bashiok clarified in a post that this reputation can be gained in LFR and to progress forward, you will need to kill bosses instead of doing marathon trash runs.
Quartermasters are currently found in several locations on the PTR: Ao Pye at Niuzao Temple in Towlong Steppes, and a yet-unnamed NPC by Throne of Thunder.
So far there are no rewards at Exalted, but the rest of their wares were available. They are all ilvl 522 epics.
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Neutral: Flanker’s Battletags (1250 vp)
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Friendly: Seal of the Shado-Pan Assault (1250 VP), Vicious Talisman of the Shado-Pan Assault (1750 vp), Powderburn Bracers (1250 vp)
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Honored: Gauntlets of the Longbow (1750 vp), Homeguard Leggings (2250 vp), Longshot Forestcloak (1250 vp)
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Revered: Carapace of Segmented Scale (2250 vp), Targetblinder Spaulders (1750 vp), Nightflight Chain (1750 vp)
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