Valor Points will be converted to Justice Points with a cap of 4000, so any combined valor/justice points above 4000 will be converted to gold. Current valor gear will NOT be available for justice points and the current vendors who allow you to upgrade your gear will be removed. IMO we should all aim to spend all of our valor points before the patch.
Elder charms will be usable for 5.0 bosses ONLY. New Mogu Charms will be used for 5.2 bosses. However, the SAME lesser charms will be used to buy Mogu Charms. IMO we should all save up lesser charms and aggressively use our elder charms before patch 5.2
In case anyone else out there is playing around with PVP or has a gaping hole in their gearing (cough cough SHIELD): Conquest points will be converted to honor with a cap of 4000 honor points. Any combined conquest/honor points above 4000 will be converted to gold. Current Malevolent Conquest gear WILL be available for honor points after patch 5.2 (although at a nerfed ilvl of 476 reportedly). IMO anyone aiming to gear up for pvp should aim to cap their honor points and spend all of their conquest points before the patch (before the malevolent gear gets nerfed). It would also be possible to increase your total honor points available after the patch by capping justice points and then using them to buy honor at the vendors in Stormwind assuming those vendors stay as they are.
One nice thing about PVP gear is that the resilience doesn't take away stats from the PVE stats. It is slightly lower ilvl and itemization may be PVP oriented (more samina, etc) but with the massive ilvl spread we're seeing (476 LFR to 496) you can likely fill some gaps.
I wish I had more time for PVP.
Stop spending your valor points. Blizzard has reversed course and will NOT reset valor points with patch 5.2. There will reportedly be new valor items available immediately with neutral reputation, making it worthwhile to save up valor points for the drop date.
Also, they already pushed back the target release date to "three weeks from now."