We will be able to use our token/item immediately when it drops and we receive it. You don't have to wait and go to a vendor.
I completely agree with this complaint when I'm on my Druid:
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as a druid, there are four versions of everything available for each token, and scrolling through page after page of nearly-identically named armor pieces makes my eyes cross.
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They will work that way in Warlords. No more vendors - you can get your set piece on the spot.
1:21 AM - 2 Sep 2014
Full thread here on wowinsider.