I just dinged 70 on my shammies 5 days ago, and I've been focusing on dailies for SSO rep and gp for the epic flyers. At about 3500g per toon already (helps that I found some BoE blues etc that sold quickly, and am swimming in enchanting mats to sell off) and dinged honored with SSO after only 3 days of dailies. SSO offers 3 quite nice rep items I can buy to jump start the gearing for eventually grinding out some heroics. I don't care for PvP in WoW (shooters are the place to go for pvp imo but I do plan to do a bunch of instances, both as a 5-box team and 4 boxing with a r/l friend of mine tanking. This is mainly for fun, as I like the dunegons. Gearing up this close to Wrath probably isn't super important, but then again any leet gear you have to start with makes the new 71-73 instances that much more doable so it's not a total waste.

I'd bet real world money current faction rep will be largely useless when wrath comes out (tho, more useful than old-world rep, due to faction mounts). From what I've read there is, for example, an argent dawn faction in Northrend, but it's an offshoot with a new name and is a whole new rep grind. That's how blizz does things, they basically give you new types of money to grind out (badges, rep, primal nethers when they mattered a lot, etc) as a way of keeping the "economy" working somewhat smoothly and give you something to do without having to build truly new content like dungeons all the time.

I agree with above posters about tradeskills, mats to get skills 350-375 will likely get very pricey when wrath first ships when people go into panic mode to get their skills up for some sexy new craftable. Also, when BC came out, copper bars and ore were crazy expensive as everyone went to train JC and all the mining nodes were camped. So, stock up on mid-level old world herbs for selling to people powerlevelling inscription the first week wrath is out!