I refuse to do it simply for the fact that you lose your faction rep (or whatever it's called). I stopped playing Elite after PP hit because of this, because it's just so unbelievably grindy and if you don't do the grind you don't get the shiny faction weapons and shield.
I was hoping they would realize how completely borked the whole update was and delete it from existence. Unfortunately the devs seem absolutely determined to ruin their game. It's no wonder Elite has mixed reviews on Steam.
I came back for Horizons and I've been having fun exploring. I will just play Solo from now on, as I don't want to run into a player armed with superweapons gained from a horribly broken rep system that should never have existed in the first place, and which I will never take part of.