Valor -> Justice
All Valor is converted to Justice
Justice -> Gold
Justice above the 4000 cap is converted to gold at a rate of 47 silver per point
So let’s say the realms go down for the 5.2 patch and you have 450 Valor and 3800 Justice. Because of the 4000 Justice cap, you’d log back in after the patch is released with 0 Valor, 4000 Justice, and be 117 gold and 50 silver richer after the conversion.
With 5.2 we won’t be changing current Valor items to cost Justice, but they will be much cheaper (discounts from 50-75% off their current costs). You’ll need to acquire Valor after the patch is released to buy pieces for their discounted rate, or to buy the new 5.2 Valor items, but we’re also introducing new items to spend your Justice on, including heirlooms and Pet Battle stones. (source)
In retrospect, it’s pretty obvious that this is what they would be doing – this exact thing happened every patch in Cataclysm – but the “triple-gate” of 5.2 Valor items being locked behind new reputation vendors and the old items still being bought with (50-75%) less Valor was throwing me for a loop. And I like how Blizzard’s Justice Point consolation note says “new items like heirlooms and Pet Battle stones” instead of something useful, like I dunno, maybe all the shit they rolled out in Cataclysm, e.g. herbs, orbs, trade goods? I would love to see Chaos Orbs and Spirits of Harmony on the vendors for ~1500 JP or whatever.