How about a new PVP model where you are not allied with any Grand Company but just a faction, and so that way you do not have to be limited to where you cannot play with your friends due to Grand Company restrictions. This can also be only played by pre-formed parties only to make it a little easier for implementation into the game itself.

This will also make it fun for a little Free Company vs. Free company play, so that way it's a "put up or shut up" competition for players. Because i know it's free companies out there that would like to smack each other around a bit. This is not to suggest a change in the already existing PVP but to implement a new one into the game to have a better variety of PVP choices.