Justice Points, Valor Points

Current plans for Cataclysm is to do away with the badge system and implement a point system instead.

PvE
Justice Points -- Low-tier, easier-to-get PVE points. Maximum cap to how many you can own, but no cap to how quickly you can earn them. Earned from most dungeons. (most like the current Emblem of Triumph)
Valor Points -- High-tier, harder-to-get PvE points. Maximum cap to how many you can own, as well as a cap to how many you can earn per week. Earned from Dungeon Finder daily Heroic and from raids. (most like the current Emblem of Frost)

PvP
Honor Points -- Low-tier, easier-to-get PVP points. There will be a maximum cap to how many you can own, but no cap to how quickly you can earn them. Earned from most PvP activities.
Conquest Points -- High-tier, harder-to-get PvP points. There will be a maximum cap to how many you can own, and a cap to how many you can earn per week. Earned from winning Rated Battlegrounds or Arenas. (currently called Arena Points)

When a new tier of raiding gear is released or a new PvP season begins, your higher tier of points will be converted into the lower tier. For instance, if a new tier of raid gear is released, your Valor points will be converted to Justice points, and similarly if a new PvP season begins your Conquest points will be converted to Honor points. Of course that means with these new releases you'll always begin without any of the higher tier of points, and thus be unable to stockpile them.

Transition from WOTLK to Cataclysm
All WOTLK badges and honor points will be converted to the Cataclysm equivalent at the following rates:

The following items are immediately converted to gold:

• Emblem of Heroism = 5.5 gold each
• Emblem of Valor = 5.5 gold each
• Emblem of Conquest = 5.5 gold each
• Badge of Justice = 1.833 gold each

Your New Honor Points total will be the sum of the following amounts:

• Old Honor * 0.024
• Old Arena Points * 0.85
• Battleground Mark of Honor * 2.976
• Wintergrasp Mark of Honor * 19.08
• Stone Keeper Shard * 1.6
• Venture Coin * 3
• Spirit Shard * 1

Your Justice Points total will be equal to (Emblems of Triumph + Emblems of Frost ) * 11.58

Again, the softcap for both Honor and Justice conversions is 4000 points. This means that if a character converts to above 4,000 points, it will not be possible for them to earn more until they fall below the 4,000 cap.

A hardcap will be implemented in a following patch before Cataclysm's release. At that time, any excess points above 4,000 will be converted as follows:

• Honor points above 4,000 are converted to gold at a rate of 35 silver per point of Honor.
• Justice points above 4,000 are converted to gold at a rate of 47.5 per point of Justice

What you can do now
Earn triumph and frost badges. The cap of 4,000 Justice Points means you will need a total of 1,455 badges. Though we're not sure how much the new gears will cost, but at least 4,000 Justice Points should help a bit.

Click on the link for a calculator to see how much gold and Justice Points you will get with your current badges.

Cataclysm-Currency-and-Honor-Calculator

Time to farm some badges.

(Updated)
Kouhei