No such thing as Faction Marks. Factions have Rep, but you have to spend Crucible Marks for Faction gear.
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You are right on that, however it takes very little time to achieve whatever amount of crucible points you need. Maybe they should have faction marks.
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I wouldn't say "very little time", although with the now-removed method of trading mats for marks, if you could farm 100-150 mats/hour, it was the same rate playing the Crucible. 2 Marks for losing, 12 minutes a match = 10 Marks/hour. 3 Marks for winning = 15 Marks/hour.
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I could be a little biased in that I absolutely hated farming mats. However it's not like they took any farming away. Also. You can earn faction gear through gaining rep in PVE. Crucible gear on the other hand is limited to solely to pvp marks. This rude jerk bag that responded above is correct in that there should be some sort of pvp perks within the crucible gear.
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Just to repeat it another way: Currently, all 3 Factions require Crucible Marks to buy gear. Yes, you can earn Faction [i]Rep[/i] in PvE, but to actually buy their gear requires Crucible Marks. Trading "destination mats" for Crucible Marks was a way to earn Crucible Marks via PvE content. By taking that away, we now have 5 PvP vendors—vendors who only accept currency exclusively earned via PvP. (And 2 Vanguard/PvE vendors, who only accept PvE currency.)