Yes, i think that's actually one of the better ideas they've come up in the last few years, as many people i know didn't bother with CMs because they didn't offer anything tangible (as tangible as a bunch of purple pixels can be), and many are not intersted in the mounts or t-mog sets at all. On the other hand, i have to agree with
Zetor - if dungeons can be alternative to raids, then it should not be mandatory otherwise we'd have again "LFM /power 8 dungeon, require 720+ gear / curve/ etc. On yet another hand, it may stimulate people to play in guilds instead of being loners who have no social ties or obligations - a group of like-minded persons can progress in these dungeons together, without setting up ridiculous requirements so the content won't be wipeable, and have a blast together. Most of the raids, and blizzard seems to not know it, raid not for the progress (which is the thing that bothers 0.01% of the guilds in the world first race), but for fun and socializing together, and WoD basically ruined that feels.