I am also excited I have something to spend my faction on. After unlocking everything it gets a bit useless otherwise.

Well I have to say I am happy about it having something to do with my faction again is nice. Much like zerowingcats I dont like tournaments either. As of yet I have only gotten a few decent times out of it however getting anything out of it is better than just letting the faction sit there.

Like Notrich said it is going to affect the trade value of many high priced goods right now however lets face it Anet really dosnt care about face value of items any more. I have never been one to value an item because of how "rare" people think it is any way. I have always been a person who buys something because I like the way it looks.

So in the end I am happy with this update, I cant say every one else will be though.

Finally something worthwhile to spend my faction on.

Yes! I haven't been able to spend faction for a while now~
(I don't do tournaments)

On guru
http://www.guildwarsguru.com/forum/showthread.php?t=10229183 Andrew said - "I think as time goes on, and more people report the extremely valuable items that can drop from this chest, many of you will be changing your mind about this one. There are rare items that can drop from this chest that you cannot get anywhere else in the game. Others that have proven to fetch a fine price in the past.

I assure you, it is not all Crème Brûlée and lockpicks"

Thrilled to see this!

Woot! About time I can spend all this faction.