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Blizzard has launched the official leaderboards for the Challenge Mode dungeons introduced in World of Warcraft: Mists of Pandaria. Challenge Mode tests players to complete dungeons as quickly as possible.
The Challenge Mode is designed to test players' coordination and strategy. It's not a gear check. Instead of using your own equipment, you're given a set of gear appropriate for that particular dungeon. Blizzard seems to want to make this feature viable for raiders and non-raiders alike.
When you complete the dungeon, you'll be graded on your performance. Depending on how quickly you finish, you'll be given a bronze, silver or gold medal. By earning medals, you'll unlock rewards. The rewards are mostly cosmetic and include mounts, titles and armor art.
The leaderboards let you see the fastest completion times for a given dungeon, your realm, or your guild. You can also see how you stack up against the competition. A party composition filter enables you to compare your group's performance to groups with a similar makeup.
In time, Blizzard will add region-wide leaderboards so players can strive to become, say, the fastest team in the United States.