Personally, i think PvP lacks more on the content/balance side, rather than being not rewarding enough. Proper 1vs1 fights are completely impossible in most setups (for example anyone vs healer) unless you let DD jobs fight each other.

I could easily live without getting any item rewards as long as they make it a overall fun experience, but i doubt that will ever happen, since sidecontent such as triple triad, Blue Mage and Potency changes that doesn't even matter on the scale of things they do, is far more important to them.