In fact, I'd go so far to call it an axiom. The more a certain group comes to like me, the more I'd willingly feed them all to a wood chipper if only that were an option. (Yes, Klaxxi, I'm looking right at you here.) That being said, it would be unfair and untrue to pretend that faction-based reputation hasn't undergone several design permutations over the years.
During Burning Crusade, for instance, there were specific dungeons that rewarded reputation with specific factions. I ran Shadow Labyrinth for Lower City reputation until my eyes quit in protest and moved to Paraguay. One of the ways that design began to change was with the Isle of Quel'Danas, which itself built upon the foundation laid by the Ogri'la and Sha'tari Skyguard factions.
These were faction grinds that allowed for the progressive unlocking of quests designed to be repeated daily, and these three faction grinds laid the basis for what we have today in Mists of Pandaria. And I'm starting to wonder if the reason I so dislike the Mists approach to reputation, with its copious daily questing, is not because of anything wrong with that system but rather because I'm incredibly spoiled.