This is not a fair comparison, as 30 people get first place in a faction event, and only one in a solo. Plus, in most regions first place in faction events is always the same, but the members of that faction don’t fill the top 30 in every solo event. That also means that at least 2/3 of the top faction, and almost everyone in rank 2/3 factions, will not get the option to choose the newer toon, but in the faction event they all do.
The proper comparison is a weighed average of the top 30, ranks 31-60, 61-91 etc in solos to the faction event rewards. And that comparison is not terribly unfavorable to faction event rewards.
|Solo #1-30 W.A.
||82 (246) new or 236 old
||420 new or 700 old
|Solo #31-60 W.A.
||180 new or 300 old
|Solo #61-90 W.A.
||120 new or 200 old
Of course, if you at least top 3 every solo event, you will end up with a bit more from a solo than from a faction event (esp for armory tokens, not so much for cards unless you win), but that’s a substantially higher commitment of both time and resources (and literally only three people per region could do that in the most extreme case). Similarly for people in lower factions that get top 10 in every event.
For everyone else, you can expect substantially more and better cards from a faction event than from a solo; slightly lower armory tokens (although not necessarily by as much as indicated above, as high-activity players from lower factions will steal some spots), and more optional crafting items (which also may be of somewhat higher quality, like blowtorches instead of cutting fluid, but that very much depends on the position and the specific raid event).