In our daily Q&A column, The Queue, it's our most-asked question by far.
Bashiok provided a little clarification today in the form of these two comments.
The key thing to take away here is that if you're not going to be allowed to have more than 4,000 JP when patch 4.2 drops. It appears, although is not explicitly stated, that valor points will be converted to justice points, as long as you have no more than 4,000 justice points. Extra valor points after that will be lost.
The news is already rolling out for the upcoming WoW Patch 4.2! Preview the new Firelands raid, marvel at the new legendary staff, and get the inside scoop on new quest hubs -- plus new Tier 12 armor!