The rewards structure really is the problem for me. I mean, there are more problems than just the rewards structure, but I would be willing to stick it out if I could guarantee some kind of progression that's feasible in a reasonable amount of time.
Losing sucked before, but it didn't feel like an utterly wasted 20 minutes of my life. Even if my team lost, I had medals and MVP votes to show for it.
I leveled to 50 a few weeks before the patch, didn't have time to gear up prior to 1.2 due to RL complications, and while the Recruit Armor helps, it's really not enough to counter the pre-mades and utter destruction of some of the newly buffed classes.
Now I'm really at the mercy of my team composition and whether or not I am lucky enough to queue with the better-geared/dominant guilds on my server. It has nothing to do with me, my efforts, or my skill.
So yeah, I guess I'm just depressed and disappointed. I was hoping that 1.2 would make it better for a fresh level 50 to be competitive in PvP, but sadly, my experience has been quite the opposite.
The general feeling about 1.2 in my guild has been pretty negative, and while we're decent to good to excellent players, we're definitely on the more casual side of the spectrum. It's not that we can't get a team of 4 grouped up to play together - it's that none of us really wants to bother, and that is a bad sign. And not everybody is scrubby like me - I'm talking full BM geared players who have no inclination to queue for a match. And that's seriously all we did prior to 1.2.
Would a change in the rewards structure help? Sure, I guess. It still doesn't change the fact that PvP isn't really fun anymore. Some of the reasons for that distinct lack of fun are articulated well in Taugrim's post detailing the effects of 1.2 on PvP:
http://taugrim.com/2012/04/13/swtor-pvp-in-1-2-the-good-the-bad-and-the-ugly/
Hopefully Bioware can sort out this mess. I really enjoy the game, and the PvP especially. It would break my heart to see it all end on a sour note.