I am doing the dailies for three main reasons, I know the thread is about the rep but bear with me:
* Coins for extra loot: This feature is awesome for us that run LFR and Sha for when having issues with drops in raids, I've gotten at least 3 pieces by using these.
* Valor Points: All these dailies add up at the end of the week so I only need to run one heroic per day to cap on valor.
* Money: I suck at playing the AH and Professions so I've always been broke with all the gems, enchants that are needed to raid, at least now I can see the money building up nice and steady.
And on top of that I can see the reputation building up week after week, I've been saving my VP's for the better rewards or until I get capped.
The reputation is not required for you to enjoy the other parts of the game, it really sucks to have reps gated with other reps (AC, SP) but I believe that it will be fixed somehow on the next patch.