... if you want to run about 150 heroics. And they're removing the ability to do it in 5.2, so you've got maybe a month to do it in. Good luck.
Took me the best part of a week to get geared for raids, should be the same for anybody... especially if you can find a guild with nice enough people, who're willing to take you through MSV a few times. You don't need to upgrade your gear, but it's nice to have the option available (whilst it's still around) to use all that spare JP you accumulate, or the VP that you'll never spend on gear if you're too lazy to do dailies.
What ability are they removing in 5.2?
I read they will be giving rep for running hcs in 5.2 as well.
They're removing "gear upgrades" in 5.2, basically the ability to upgrade the ilvl of your gear by a few points... And yeah, you'll be able to choose which reputation you want to "grind" when you use the dungeon finder, I think.