I believe so, here is the link:
http://wow.joystiq.com/2013/01/18/pa...aring-changes/
But looking at Wowhead on the armory, it seems to be different. Some numbers are lower, some are higher. So not really sure where WoWInsider got its info. But it doesn't go with what they said, with the difference between Dreadful and Malevolent. Right now, its a 25ilvl between Dread anf Malev, so the Elite Tyran should be around 497. I dunno.. *scratches head*
---------- Post added 2013-01-20 at 05:00 PM ----------
Okay let me look at everything on WoWhead.
Malevolent: Set gear is 476, weapons are 470
Tyranical: Set gear is 496, weapons are 483
Elite Tyranical: Set gear is 496, weapons are 503
And I have no idea if Eltie is included in that Honor cap catch up system, but Im gonna guess no.
And remember, this is just a bunch of hearsay right now. I did read from GC that 2200+ players get special cosmetic rewards/enchants though!