Well, on the 5.4.7 PTR, there's been a shift in the philosophy. The weapons are now 489 ilvl, so 13 higher than they were. And what's more, this change is also being applied to all weapons already bought. So if you're currently wielding a Timeless Isle weapon, it'll get a free 13-ilvl upgrade come 5.4.7. Considering the not-insubstantial 20,000 Timeless Coin cost of the weapons, you'd think they could match the ilvl of the rest of the gear, but this is definitely a step in the right direction.
However, if all remains equal between now and the release of 5.4.7, it will probably be easier to farm Honor via one of the many PvE-based methods to do so, and just buy a 522 honor weapon.