I do find the game puts way too much emphasis on killing and damage when it awards favor.
Sure they are important, but lets be honest.
- The most damage will be done by those with many AOE abilities (or some at least). Others will be waaaay behind. I can win games for my team as sedna or regulus while having less than half the damage of the most damaging player.
- Most grunts killed will also go to the AoE demigods
- Buildings: demigods that can either stay out of tower reach for auto attacking (regulus), give quick damage bursts (TB) or just plain heal from buildings (rook). Others will have a significantly harder time tackling towers and as such you will not likely see them having the most building kills.
- Gold: kinda comes from kills (so back to AoE again)
- Citadel upgrades: directly related to gold, unless you are artifact whoring.
- Flags: About the only stat which is killwhoring independent. You can have a reasonable chance of winning it with any demigod, although rooks are at a disadvantage there, but they make up for it in other areas 
- deaths: Sedna and QoT are the likely candidates for least deaths, but if you are a good enough player, you can avoid dying with any demigod.
- kills: depends heavily on player skills, teamwork and demigod matchup.
Did i miss something?
Bottomline... most of the awards (and favor point distribution) seem to be biased towards the damage heavy demigods.
What i would like to see:
Awards that reward creativity, thinking, and TEAMPLAY.
- Favor points for not upgrading creeps blindly whenever you can (as stupid as it sounds:P)
- Favor points for locking flags with enemies on them
- Bonus Favor points for defending (locking) home (behind your towers) flags from the enemy demigods
- Bonus Favor points for capturing (locking) enemy flags (behind their towers) with enemies on them.
(actually, these three should be somewhat intelligent, so only award the bonus, if an enemy happens to try and cap the flag 10 seconds after it was locked. This would prevent people to blindly lock safe flags just for the bonus.)
- Favor points for using buff items on friends, like say someone using an universal gadget to heal you 2k HP should definitely be rewarded for it.
- Favor points for using teleports well (teleporting to flags being captured and holding them for at least 10 more seconds - or permanently, or just restoring them back to fully captured)
The list could go on really.. you get the idea. Granted, these might be harder to track than the simple stats tracked now, but they would give a much better picture of who did what in the game at the end, when you look at the favor point distribution.
This is a team game, yet almost every game i've been in, favor points were awarded for individualism and kill whoring.