In the Season of Discovery Phase 3 Preview Video, Blizzard has given us more details about the updated Blood Moon event and the upcoming changes to PvP gearing.
The Blood Moon PvP event in Stranglethorn Vale will continue into Phase 3, with all new level 50 rewards. This includes a new currency, Massacre Coins. Bloodstained Commendation will be retired, but players will have 2 weeks to spend ones they already own. This is to allow a head start, but not a full Ranking skip. The new PvP items include a Thrown weapon exclusive to Warriors.
New PvP items & sets are being added, including a starter set from a new faction. These PvP sets will focus on PvP stats, instead of trying to be viable for both PvP and PvE.