Valor points will be disappearing, converted to justice points, and conquest will be converted to honor. There will be no gold conversion for excess points, because the cap for justice and honor points will be removed until Mists of Pandaria launches.
Hopefully this clears up everyone's questions about this process. If not, you can always check out the discussion thread on the official forums and ask away!
It's open warfare between Alliance and Horde in Mists of Pandaria, World of Warcraft's next expansion. Jump into five new levels with new talents and class mechanics, try the new monk class, and create a pandaren character to ally with either Horde or Alliance. Look for expansion basics in our Mists FAQ, or dig into our spring press event coverage for more details!