WoW’s Patch 5.2 will convert Valor to Justice points, just like all other major content patches. However this time the gear to be purchased will not be moving to JPs, instead it will be “greatly discounted” but still require VPs to purchase. So if you still wanted to purchase it you’ll need to farm VPs to replace the ones that were converted.
Seems like a silly idea to me, and I cannot think of a reason why making the “old gear” purchasable for JP is unreasonable. Just like previous patches. Oh, unless it takes more time to gear up an alt, then it makes sense. Shafted. The counterpoint is that the new VP gear will be what you’re buying, but then it still does not make sense not to move the old stuff to Justice.