Vaneck gave out a few more details on the upcoming changes to the honor system in Burning Crusade. You can read the whole Forum post here. Read the more important information below:
We’d like to share the following Honour changes that will be introduced with The Burning Crusade:
After the Expansion, the old Honor system will be completely removed and players who achieved ranks in the old Honour system will be able to choose to display their highest gained Rank as a title. We are interested in reintroducing these titles in the future but we have no specific plans in place yet.
Players participating in Battlegrounds and outdoor world pvp gain honor points and players will be able to spend these on special honour rewards. The level 70 honour rewards are not currently planned to have item levels as high as the best raid or arena stuff.
If you’re on an arena team, you gain arena points at the end of each week based on your arena team’s rating. You spend arena points on arena rewards, and it will be seriously phat lewt, which will also most likely be more PvP oriented.