There are three main reasons why I believe this would be beneficial and worthwhile. In modern AAA MMOs, the general rule is that there are more quests offered than what is needed for a character to reach max level. Inevitably, some quests will be skipped by players who out level the content. This can become quite a common occurrence. When I played SW:ToR, I would guess that I skipped a good 2/3rds of the quests in the game with each character. I easily skipped half of my own faction's planets entirely (completing my character's storyline only) and skipped many of the quests on the planets I did visit, not to mention abandoning just about every "bonus" for each quest, because the added experience was completely unnecessary (and unwanted, as I was trying to level casually.) This left a ton of content undiscovered within my own faction's borders.
Second, players will be spending a portion of their time in Cyrodiil. I, myself, plan to spend as much time there as possible, and it should be possible to level all the way from level 10-50 without leaving this PvP area. Leveling even partially through Cyrodiil means you will experience less of your own faction's content. In RIFT, I skipped entire zones due to being so active in instanced PvP; and in Warhammer Online, I did not complete a single quest. I spent my time playing through public quests while waiting for PvP queues. Anyone who chooses to spend a significant amount of time in Cyrodiil will miss out on what their own faction has to offer.
Third, dungeons often offer the best gear and rewards for your character's level. This leads to players replaying dungeons multiple times in order to collect every reward. Because dungeons also grant experience, your character often becomes over-leveled for the content they left behind when they began running the dungeon. Not only that, but the rewards from the regular quests for your level are usually inferior to the ones obtained in dungeons of the same level, so there's no point to going back and playing through this content (especially when completing these lower level quests means you continue to outlevel further and further any new quests you might acquire.)
I propose the devs let you play through your own faction's content again at level 50. This allows players to consume all of this content at their own pace, without fear of missing quests by going off to PvP or repeating dungeon content, and independent of the "power level to endgame" mentality many players adopt in MMOs.
-Travail.