First up, save your honor, spend your conquest if you can get upgrades. The caps are working just the same, so all conquest will be turned into honor, and all honor will be retained up to a cap of 4,000. So if you have 2,000 honor and 2,000 conquest, you'll have 4,000 honor. If you have 5,000 honor, you'll end up with 4,000 honor and a bit of silver. If you have 5,000 conquest, you'll end up with 4,000 honor and a bit of silver.
The good news is that this season's 522 conquest gear will be available for honor. The bad news is that the 496 honor gear won't be available to crafters, as Holinka confirmed. Makes sense, as the Timeless Isle gear would be even more irrelevant than it will become! In more bad news, the Krasarang rares are being nerfed to drop honor only once per day, so that farming method is gone come the patch. If you need to cap out before the patch, they're the most efficient way.