The August Celestials are a group of pandaren dedicated to defending the temples of Pandaria from the threat of the sha. There are, so far, four known temples and Celestials associated with them -- the Serpent, the Crane, the Tiger, and the Ox (or more appropriately, the Yak.) The quartermaster for the August Celestials couldn't be easier to find -- he's located in the lower level of the outdoor tiers for each capital city, one for Alliance, and one for Horde.
The August Celestials don't have any trick items with their reputation rewards, but they do have armor. A lot of armor. Boots, gloves and bracers can all be found with the August Celestials, for every class and spec available in the game. And if that wasn't enough for you, they also sell the Reins of the Thundering Cloud Serpent to anyone with Exalted reputation -- and who doesn't want a cloud serpent?
There are several sets of dailies to gain reputation with the August Celestials. There are dailies that have you defending the various temples around Pandaria, and there is also a really fun quest chain of dailies out at the Cradle of Chi-Ji, off the southern coast of Krasarang Wilds. I've written about the quest chain before, it's fun, interactive, and doesn't really feel like work at all. Plus, getting in game mail from NPCs is always a bonus in my book.
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