I'm just not sure what the purpose of valor points are now.
Originally the idea was to give players that couldn't get that one piece to drop an alternate route to a piece. Now it's just going to be another step extending the 'acquire, enchant, gem, transmog (whatever)' process as well as put a limit on it.
I suppose now it's intended to be for people who just can't get that one heroic piece, but it's going to end up being another obligation upon winning a new item.