In his post he does mention that they will be putting in a few new items that are purchasable with honor points only. At least those that have piles of points saved up can get something. Let's just hope that it's something you can use. They will be appearing on the PTR shortly.
The reasoning behind this is that Blizzard wants there to be an even playing field when everyone hits 80. If people saved up tons of honor points and marks, they could be used to immediately purchase the newest PvP gear. That would create an imbalance.
Blizzard has further clarified that marks will be reset as well. A few helpful commenters have also pointed out a blue post back from back in August that tells us arena points will be set to zero once you progress beyond level 70.
The reset will happen right before WotLK is launched. There is no exact day and time, however.
If you'd like to complain about this, please take a number and wait your turn until called. Currently servicing complaint number #1,046,527.