It just seems kinda dumb on IW's part to strip away only the killstreak rewards and leave everything else in tact. Most people like to be "rewarded" for killing, and i doubt many people will play this mode. Perks definitely need to be removed also in order to make this game mode unique. Otherwise it's like playing a game where everyone sucks and is getting more or less a 1:1 ratio. In such a scenario, there would hardly be any killstreak rewards.
Either way, no killstreak rewards is lame to me, so I won't be playing it.