Keep in mind that if it did reward gear, SE would force a weekly lockout on it.

Do you guys really want another weekly chore that the raiding community is going to decide is mandatory for you to do simply because it has a chance to provide gear?

Are you going to be happy when what drops isn't what you need or you keep losing the rolls on coffers so you fall behind in ilvl compared to those who are getting lucky with their drops/rolls and have a harder time getting invites in PF?

Think carefully about what you really want this content to be for you, and think of the probable consequences if it was turned into a gear piñata.