How will it be any different to the farming that you are currently doing? You farm up your honor gear while buying conquest items with what you earn and then once you get full honor gear you go all out with farming your conquest points for gear.
Remember also that the rating inflation system might mean that the average MMR and team rating could increase, this means that the amount of Conquest points that you can earn each week may go up too. :)
Whether one considers it a farm or not depends a lot on how long it takes.
Without gear upgrades it's going to take a shorter amount of time. However, due to rating inflation, people will still keep playing throughout the season, but have very little incentive to go into BG's to roflstomp people other than just for fun.
So overall this change reduces farming, increases competition, increases fun, decreases geargap, makes it possible to join mid-season. And it does all this without throwing away the fundamental tenet of the RPG - Improving your gear over time.
It's such an awesome set of changes. Really; normally I'm either happy (but not happy enough to bother expressing it as it doesn't concern me) or unhappy (I do voice this) about most changes; but sometimes you do something absolutely perfect which fixes so many problems this is one such case in my opinion.