This has been mentioned elsewhere by Antikid (giving proper credit), but thought I'd create a thread for it for more visability. To be honest, I don't know how feasible this idea is and have doubts it will be implemented, ever. But I still think it's a great idea.
The current system of Favor points is to purchase Favor items that provide concrete advantages. In my opinion, this is a bad use of the Favor points mechanic. This is for two main reasons:
1) Those who play more will likely get more Favor, ending up with more strategic options, and theoretically an advantage over new players and more casual players.
2) The inevitable end result is you will end up having bought all the Favor items you'll need (at the moment, there's no point in even buying more than a handful), and there will be no more use for Favor, until another item comes out. This is a waste for Favor points. Many players pre-1.1 were already reaching the stage where they were no longer buying new favor items because all you really need is Anklet or Blood of the Fallen to be competitive. Other items are arguably gravy. (Please don't argue about individual items, the point remains not all of the current Favor items are worth spending a Favor slot in.)
The proposal is to use Favor points for cosmetic "improvements" to characters. All current Favor items will be free to use for anyone, with only one slot to use the item in anyways. Then Favor points can be used to make your character look different, customized, and/or cooler, by buying unlocks on Demigod looks.
Some cosmetic changes can be a cooler crossbow for Reg, a different staff for TB, different colored mount for Sedna, shield inscriptions for Oak, different variations thereof, etc. You get the idea. I contend that the majority of players play 2-3 of the DGs exclusively, and we get pretty attached to the DGs we play. I think it'd be rewarding to make my TB look cooler on the battlefield with a nice silver staff, fiery cloak, and blue flames while in fire mode.
As I said, this would level the playing field, while still giving incentive to get Favor. Implementation-wise, this would require quite some bit of coding and designing. But, this also would result in more long-term ownership of our characters, which will cause people to play DG for a longer bit of time.
This is actually not even in conflict with the current system of Favor points, and they can be run in parallel as one system, giving the player the option to spend Favor on concrete strategical items, or on cosmetic customization. However, the problem of new-player disadvantage would remain.