Unless it's really well hidden, and based on what I've read, the VP >> CP conversion is no longer available. Is there a blue post anywhere as to why? I've thumbed around a few times looking for some sort of explanation as to why they discontinued that. Not that it would be of much help to me currently (still picking up pve pieces), but during Cata being able to convert Valor to Conquest was a blessing, since I would reach a point that I didn't need pve gear and had nothing else to spend them on, or as it was during 4.2 (when I didn't raid at all) I was able to use them to cap points in the event I couldn't get in as many RBG groups as I would want during the week.
Hope to see this return in 5.2.