Long story short: Most favor rewards right now are a joke. No one cares about the Free Agents vendor, or House P/J buffs, or Twelve free bags (after they have enough bags on all characters), etc.
I propose Turbine to totally rework on the patron favor rewards to account for the new state of the game. I propose the following (in patron alphabetical order):
-Agents of Argonnessen
Stay as is. Just add all 5 types of siberys shards on the tier 1 reward instead of only the top 3. Draconic Vitality, while once necessary, is a drop on the ocean of people with hundreds of HP.
-Coin Lords
Also stay as is. The first two tiers are convenience stuff (VERY convenient stuff, but still convenience), and the third give a bonus small enough to not be a must have for non-powergamers.
-Free Agents
Tier 1: Start selling up to +3 tools instead of +2.
Tier 2: Start seling up to +5 tools instead of +4. Yes, everyone have access to those on the AH dirty cheap. Putting it on a vendor will make this triviality acessible to everyone. Convenience.
Tier 3: Give a BtC "bottomless" +5 tools, so trappers stop needing to buy thieves tools at all. Maybe even giving the option for infinite thieves tools, healer's kit or repair kit. We all know which one will be always choosen, but since they sell all three kits... Alternative: A feat that makes the tools never be wasted. So, if you TR, you lose the feat and need to regain the favor.
-Harpers
Tier 1: Change the Pin to a granted feat. Same effect (but if possible, not bugged)
-House Cannith
Tier 1: Stay as is.
Tier 2: In addition to unlocking the Artificer class, it also open up on the vendor the option to buy 5% success boosters and 10% crafting XP potions. Those high level boosters are BtC.
-House Deneith
Tier 1: Stay as is.
Tier 2: Raise the ammunition/thrower enhancement bonus to +5. Keep the sturdy ones as +3. Add +3 <metal> type arrows.
-House Jorasco
All buffs are extended to 1 hour, to match ship buffs. Like ship buffs, those buffs are undispellable, and disapear only at death.
Tier 1: Add all spells currently acessible to Tier 2 acessible since tier 1. The buffer uses caster level 7. Add an option to pay ten times the base cost and have every buff cast at once (so if you have too much plat, you can get all buffs paying a lot more).
Tier 2: Add Deathward and Freedom of Movement to the list costing 1,000 plat per cast. All buffs goes up to caster level 12.
-House Kundarak
Stay as is. The favor rewards are pure convenience.
-House Phiarlan
All buffs are extended to 1 hour, to match ship buffs. Like ship buffs, those buffs are undispellable, and disapear only at death.
Tier 1: Stay as is, except by what is written on top. Add an option to pay ten times the base cost and have every buff cast at once (so if you have too much plat, you can get all buffs paying a lot more).
Tier 2: In addition to the Pendant of Time, the buffer also get access to the spells Blur, Feather Fall, Heroism and See Invisibility costing 500 plat per cast. The caster level of those effects are raised to Caster level 12.
-Purple Dragon Knights
Tier 1: Give Key to the City and access to the PDK update vendor. He will allow you to upgrade the raid weapons to a Planar Conflux, and the demonweb armors to eveningstar sets.
Tier 2: PDK vendor allow you to upgrade the raid weapons to a +8 enhancement bonus, and you can craft cormyrian dragonscale armors.
Tier 3: Spotted Wolf Pup companion, and PDK vendor allow the raid weapons to reach the tier 3 upgrade.
-Silver Flame
Tier 1: 50% discount on spells cast on taverns by silver flame (and surprisingly, Amaunator) clerics. Open the Silver Flame vendor with access to Ghost touch and Flametouched Iron ammunition/throwers.
Tier 2: Gives you the Blessing of the Silver Flame, and the Silver Flame vendor give access to "Silver Flame Prototype Healing Potions" (same as actual lesser potions).
Tier 3: Silver Flame Vendor give you access to "Silver Flame Healing Potions" (like the ones on live), "Silver Flame Lesser Healing Potions" (with no drawbacks) and Mark of the Silver Flame.
-Twelve
Tier 0: On live, if you go to the twelve immediatelly, you get a free small bag. Remove this reward tier. If you want a free bag, talk to the cannith crafters around the town.
Tier 1: Large Gem Bag, and open access to Twelve vendor with every spell component around (arcane and divine) with discounts on par with guild vendors. Meridia altar stops requiring Favor levels to access.
Tier 2: Large Collectible Bag, and the twelve vendor start selling Omnispell Dust (350pp base price per 10).
Tier 3: Large Ingredient Bag, and the Twelve vendor start selling Omnispell Stone (700pp base price per 10).
-Yugoloth
Stay as is.
--Total Favor
Add a free +1 tome at 1000 Favor, raise the free +2 tome to 2000 favor, add a free +3 tome at 4000 favor. Everything else stay as is.
Opinions?

