So I raised a few months ago that with the level squish there would also be an item level and stat squish. At the time a LOT of people resoundly rejected this as it wasn't stated directly by Blizzard.
Thought I would add this here as it has not been mentioned but we ARE getting an ilvl squish and from the looks of it a stat squish as well (sloots live stream ATM shows a Lvl51 in plate with 16,000 health)
https://www.wowhead.com/news=311945/...squish-details