So which horde is going to be the first to transfer to alliance, pick up the vc pants, seal of wyrn, and beetles clasps and tranfer back to horde for $50?
wait for 3.2 and see if this works first.. might not, you get similar gear blizzard said. that, and many people are on pvp realms so they'd have to transfer off too to switch factions.
This ^ I can guarantee 100% that faction change will not happen in 3.2, and as Lutraphobia said - we do not know if this will work yet. Blizzard said you will have "About Equivalent" gear, I do not see them allowing us to keep it all, or any faction specific items (Horde with tabard of the hand? GL with that)