Wikia

For the pre-Patch 4.0.1 version of Honor points, see Honor point (pre-4.0.1). For the small Alliance outpost in Hellfire Peninsula, see Honor Point (Hellfire Peninsula).

Honor points are one of the new two PvP currencies introduced in Patch 4.0.1. They replace the identically-named, pre-Patch 4.0.1 Honor points, Arena points, and various other forms of currencies and tokens in use before that point. A higher level currency was also added called Conquest points to replace some higher level PvP tokens.

Source

When your Faction has control of Wintergrasp, killing Wrath of the Lich King Heroic Bosses now awards Honor points.
Killing a member of the opposite Faction
Battlegrounds

Rewards

Honor Points can be exchanged for rewards from the Champions' Hall in Stormwind and from the Hall of Legends in Orgrimmar. Supply officers from each battleground will also exchange them for various items.

Arathi Basin

Samuel Hawke <League of Arathor Supply Officer>, Refuge Pointe in Arathi Highlands
Rutherford Twing <Defilers Supply Officer>, Hammerfall in Arathi Highlands

Warsong Gulch

Illiyana Moonblaze <Silverwing Supply Officer>, located southwest of Silverwing Outpost at the south edge of Ashenvale
Kelm Hargunth, located in Mor'shan Base Camp in the Northern Barrens

Alterac Valley

Thanthaldis Snowgleam <Stormpike Supply Officer>, located just south of the Alterac Mountains in Hillsbrad Foothills
Jorek Ironside <Frostwolf Supply Officer>, located north of Tarren Mill in Hillsbrad Foothills

Outland

The Eye of the Storm battleground is technically in Netherstorm of Outland.

Kezzik the Striker <Gladiator, Merciless, & Vengeful Gear>, Area 52 in Netherstorm

Northrend

The Strand of the Ancients and Isle of Conquest battlegrounds are technically in Northrend.

Zom Bocom <Honor Quartermaster>, The Underbelly of Dalaran, Crystalsong Forest
Trapjaw Rix <Legacy Arena Weapons>, The Underbelly of Dalaran, Crystalsong Forest

Other

Ecton Brasstumbler <Honor Quartermaster>, Gadgetzan, Tanaris
Vixton Pinchwhistle <Legacy Arena Armor>, Gadgetzan, Tanaris
Blazzek the Biter <Legacy Arena Weapons>, Gadgetzan, Tanaris

Conversion of previous currencies

Much like with old PvE currencies (badges of justice and emblems), old PvP currencies (including the pre-4.0.1 Honor points), will be immediately converted to the new honor points at the following ratios:

Old currency	1x Old currency in Honor points	1x Honor point in old currency
Old Honor point (pre-4.0.1)	0.024	41.667
Pre-4.0 Arena point	0.85	1.176
Battleground Mark of Honor	2.976	0.336
[Wintergrasp Mark of Honor]	19.08	0.052
[Stone Keeper's Shard]	1.6	0.625
[Venture Coin]	3	0.333
[Spirit Shard]	1	1

The normal cap of honor points will be 4,000 (paralleling Justice points). If players are granted more than 4,000 honor points as a result of this one-time conversion, they will be unable to earn any more until the excess has been spent.

Come Patch 4.0.3, any honor points in excess of 4,000 will immediately be converted to gold at a rate of 35 per honor point.

Patches and hotfixes

Patch 4.0.3 (15-Nov-2010): Hard cap of 4,000 Honor points enforced.
/ Patch 4.0.1 (12-Oct-2010): Honor has been adjusted completely. Any activity which yields Honor will now award much less. The Honor cost of items has been reduced to compensate.