Yes, you are right on both counts.
SE does indeed consider green items as "rares". Thormoen's Subligar <You can have this> "Rare".
The token rewarded gear is supposed to be of lesser quality than the dungeon dropped gear.
But, you are entirely wrong if you think no one will want the token rewarded gear if it is of lesser quality than darklight. It just might be that the difference between the two is equivalent to the differene between HQ and NQ gear. In which case they may as well be the same. Or there could be a much greater difference, in half the stats for example but that would be a bit extreme.
In either case the fact of the matter is that Darklight will be as hard to get after ARR than it is now, according to statements about the droprate not being changed. Currently, there are a whole hell of a lot of players, myself and most of the players in all of my linkshells included, who don't give a rats tail about spamming CC/AV speed runs for darklight gear because the drop rate is so dismal. These are the people that will opt for what may as well be called Dimlight gear (the token rewarded versions).
However, if the gear rewarded with tokens is so undesirable, as you indicate, to the point that no one will want it - then why implement the tokens in the first place? Either the token bought dimlight will be close enough to the real darklight that people will settle for second to best or it will be useless to the point where nothing will change from it's current state because the only gear worth getting (darklight) drops once in a blue moon.