I refuse to do dailies on an alt, so rep/valor gear is mostly out of the question (barring some of the honored pieces on the Shado-Pan or Klaxxi). There's a little crafted gear out there but not much. Its not a huge deal, just that LFR is singularly unrewarding as content (anything you can go 6 weeks without getting a drop - I'm pretty sure I haven't gone that long without getting gear in normal/heroic raiding unless I've done something silly like hoard DKP for a tier token or something) and LFR IS gearing content - jumping into MSV normal modes in all blues right now with a pickup group isn't going to make for an impressive performance.
MSV/HoF/TES LFR are current content so there should not be a catch up system ... yet. When the next tier drops we can see how the catch up system works.
Gearing an alt to current tier should not be "too easy" but is not as hard as main because of the rep bonuses make getting honored and hence VP easier ... you can get Klaxxi and Shadow Pan just doing the leveling quest chains. Also a lot more crafted gear 476 is around now.