While I don't have any blue posts to reference, I do believe both are capped at 4k, and do not get reset at Cata.
You can have over 4k JPs if you had enough badges before the patch to convert to more. (I had a little over 5k after the patch conversion) But when Cata hits, anything over 4k will be chopped off and not reimbursed in any form or fashion.... From what I hear
cheers guys. not sure what to do with mine really. any gear will be rendered useless when cata hits but ill probly be in battlegrounds a lot until then, so i might get a couple of pieces anyway.
The softcap for 4.0.1 was 4000 points. Which means, you can have more than 4000 honor points due the transformation, but you cant earn new points until you drop below 4000 again.
Once Cataclysm gets released, any points above 4000 will get converted to gold.
To what to do with the points, simply buy gems and sell them. Its still possible.