I find the problems with pvp is what it has been right the way through, the battle system is just too slow to make it particularly interesting over pve content which would lead to rewards and the game itself never really seemed to be designed well for it. It worked in a clunky kind of way for 60 caps when a decent number of people bothered to show up, but nowadays i cant see it ever recovering.
Comparing it to a more pvp orientated mmo such as WoW the tempo issue is a large factor as to why its so popular, stuns and interrupts become game winners apposed to a mild annoyance in between waiting for your ni timer. Coupled with a lack of pvp orientated moves such as a lack of crowd control ffxi just cant keep up. Honestly i can't see the implementation of a reward and ranking system or even an overhaul of jobs for pvp balancing being enough to resurrect this long dead horse.
In the end if you want to pvp go play a game orientated for pvp and leave ffxi for pve.