Already the complaints of "another thing to grind" are beginning to come in from people. But I might have the solution to this, something to make the grind not even be an issue.
Don't tell anyone what their standings are.
Well OK, you can give people a rough idea. But do we really need to tell people the nitty gritty details? Surely all anyone needs to know is whether they're in the green or the red. Lets say someone has won 50 matches and has no team kills, that person could be told they have "fair" standings with that faction. Push it up to 100 wins with no team kills and they're told they have "good" standings. Maybe use a medal system like in EVE and keep thing ambiguous.
So long as players have enough information to know whether they need to be careful with team killing or have some winning to do, they should be fine. Giving out exact details only serves to make it feel more like a grind. Players will feel a natural sense of progression without any kind of force to keep them going beyond what they find enjoyable.
These Faction Warfare changes are still months away, so it will be interesting to see where True Grit goes with this.