Just a technical overview, handy for myself, so probably for ya'll as well.
Currently the honor "soft" cap is 4000. With cataclysm this will become a "hard" cap. Any honor above 4000 will be converted into gold.
There will be 4 Currencies:
Gained from normal, non-rated PvP activities.
Gained from both rated battlegrounds as well as arena. Instead of a weekly reward like arena points, these are gained just like honor points, but have a weekly cap on them. This cap appears to a minimum of 1343, and raising as your Arena or BG rating gets higher. Someone reported a cap of around 2200 at 1900 2v2 rating. This cap is how much you can gain each week, as you'll be saving up for the gear.
PVE: (not going into details)
The stuff thats most relevant to us. Ill link class/spec specific stuff later in the post.
(seperate items; ilvl 339)
Honor point rewards
"Bloodthirsty Gladiator's ###" (ilvl 352)
Conquest point rewards
"Vicious Gladiator's ###" (ilvl 365)
The costs apply to both Bloodthirsty as well as Vicious items. The only difference is that the first uses Honor, and the second Conquest.
Gloves / Shoulder: 1650
Chest / Helm / Legs: 2200
Trinkets: 1650 (including pvp trinket)
On the beta server, there does not appear to be a PvP weapon available for honor. As such, the costs are in conquest points.
Tier 1 weapons
One-handed weapons: 2450
Shields & Off-hands: 950
Two-handed weapons: 3400
Bows, Xbows & guns: 3400
Off-hand weapons: 950
Tier 2 weapons
These are available from a seperate vendor, currently called "Glorious Conquest Quartermaster"
You buy them by turning in your Tier 1 weapon + conquest points. The amount of conquest points is the same as your tier 1 weapon was.
These weapons require a Arena or Battleground rating of 2200 or higher.
This is what I could get from the Beta. Stuff can and will change before release. Other notable stuff below.
Tier 2 Vicious armor ?
Currently there is an option to turn in your vicious armor at the Glorious vendor. There is a rating requirement on this turn-in so I'm suspecting this will give either better gear (unlikely) or a recolering/prettier armor.
If you want me to look stuff up on beta, feel free to ask.