Honor hoarding for future gear isn't seen as a big problem by Blizzard right now. I would think one of the reasons for that is because they know that the honor cap will keep people from going too insane when the arena gear comes out, and that if the cap wasn't in place then they might well impose a lower one. I'm fairly sure that a whole lot of people are grinding various battlefields with Season Three in mind: I've been running a few arenas and am planning on getting more heavily involved once my wife's hunter has the patch behind it and we can form a 2x2 team. I also know that long-tern arena players are going to sneer at our gear and wipe the floor with us, since they've worked a lot harder to get their season 2 and (eventually) 3 gear and I'll be walking around with stuff I got from running a bunch of AV's. Of course, the goal in starting a 2x2 is that I hope to improve upon that, and I want to use the S1 gear as a base, not as my end goal, but I still don't imagine that folks who have been running the arenas for the past two seasons are particularly impressed by the complaints about the honor cap.
What do you think? Too low, too generous, what's your opinion about the honor cap?
Edited to add: because folks have asked and it seems pretty relevant, here's our previous post on Season 1 gear available for honor, with links to MMO-Champion. The weapons are included, not just the armor.