Same thing.
Deej said in that part of the stream "Aarrgh! You mean I have be New Monarchy for an entire week!?"
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It would be interesting if it only lasted a week. A tweet from Luke Smith said that you'll get rep on the faction and vanguard/crucible at the same time when you pledge to a faction. Since there doesn't appear to be a vanguard or crucible allegiance it might just have to "wear-off." OTOH, it would be better if it didn't expire and you had to be with one faction or another once you pledge. Then you'll always be building rep with the vanguard/crucible and a faction.
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Yeah. Like to a certain rank or something and get something for it, and then either stick with the same faction to the next milestone or swap allegiances.