The potentially great thing about the Ward system is that it allows a clear chain of dungeon progression, but without the need to have ever increasing stats of uberness on new amour sets. Which in turn means players upgrading their armour sets from dungeons do not unbalance PvP. For example you can make the stat improvement between setA and setB fairly slight, with the main differences being on set bonuses and special abilities. Make the sets interesting in their differences, not just bigger numbers. Obviously graphically you'd want dramatic differences for pimping about in ;)
So in theory wards are an awesome system... But it needs Mythic to truely buy into their own system and not be lured by other games ever growing stat style.
With new instances and the like heading our way in the free expansion, I really hope Mythic avoid the temptation to give us new armour sets with monstrous stat increases. The impact on PvP could be horrible for players that aren't into doing dungeons or are more casual in their playtime. We really don't want a WoW style thing where if you've not got the latest gear, then you can't compete at all. Items can be made interesting through variety and ingenuity rather than just piling more numbers on.