The valor points will increase ilevel and stats on ANY piece of gear obtained, including the gear people will get from the heroic 5 mans. Not just from gear from raid content.
Also, to address people qq'ing about offspecs..if you want to gear your offspec so bad, then learn to play it. Even if you are in shit gear you should be able to do a decent job if you are any good at the spec. Look at the guilds that downed world and realm 1sts on Cata's 1st tier of content. None of their players out geared the content. If people just know how to play their classes, they'll be fine. Whats so wrong with Blizzard saying 'Que as the spec you want gear for' ? Skill > gear in almost every scenario, you can't make this stuff up.