While they haven't specifically stated faction Rep, they've made it pretty clear that it won't transfer. They've stated, however, that the only things "carrying over" will be your face and class (provided you beat Vanilla story and hit level 20). You're pretty safe remaking him. Might as well do it now, really.

I figured as much, but would still like some confirmation on Bungie's end. If I reach my faction goals early, then I probably will just make a new one.

What are your faction goals?

Rank 25 and completing their respective quests. I'm done with New Monarchy (long ago), am doing FWC now and then will dump heavy synths and motes for Dead Orbit later. Although my characters are all 400 and have plenty of playtime in them, my Hunter is where all of my faction rep has gone to. I didn't do one faction per character like I probably should have.

*shrug* The best part of nothing carrying over is that you don't have to grind anymore for cool stuff in the hopes for D2. I mean, I'll probably chase 25 on all factions for my warlock by then. But not grinding. Just playing with a few friends to keep the relationship alive for D2 I guess