Update: Honor Points and Tokens won’t be reset after Wrath of the Lich King goes live. Posted yesterday. Thanks, Lilithsblood @ Anub’arak

Bornakk: We had hoped that the introduction of some new Honor rewards in the upcoming patch would give players a great opportunity to spend any of their remaining Honor. However, many players would still be surprised by an Honor and token reset as it isn’t something we’ve done in the past. As such, we’ve decided to not reset Honor or tokens upon the release of Wrath of the Lich King. Players who save their Honor will be able to spend it on level 80 rewards, although those rewards will be significantly more expensive than their level 70 counterparts.—(Source)

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Blizzard Europe Wryxian provided details of Arena system once Wrath of the Lich King launches on November 13th:

Arena PvP
We want to provide some information about the direction of the Arena system. Upon the release of Wrath of the Lich King, players will find they are still able to access the Arena system at level 70 for rated matches. Those competing in the Arenas at 70 will still be able to attain items using Arena points and rankings; however, we do not currently plan to offer new items or titles for this bracket. Players who level past 70 will have their Arena points reset to 0 and be removed from all Arena teams in the level-70 bracket.

Two new skirmish brackets (71-75, 76-80) will be available for players who wish to hone their Arena skills while leveling in Northrend. Those who reach level 80 will once again have the opportunity to create new Arena teams and play in rated matches once a new season starts. New items, titles, and end-of-season rewards will be offered to the most successful teams at level 80. Additionally, the sets released for the Arenas in Wrath of the Lich King will no longer share aesthetic similarities with tiered raiding gear. We want those equipped with the best PvP rewards and those with the best raiding sets to stand out from each other. Players at level 80 will also have the opportunity to compete in two new Arenas featuring challenging new layouts, terrain hazards, and moving obstacles.

Battlegrounds
As many of you know we will be featuring a new Battleground, a dedicated world PvP zone and all new PvP items in Wrath of the Lich King. In order to make the transition from The Burning Crusade to Wrath of the Lich King flow as smoothly as possible, all accrued honor points will be reset at the launch of the expansion. We do this to ensure select players do not have an unfair advantage at level 80 from stockpiling honor to instantly purchase the newest Wrath of the Lich King PvP rewards.

For those with unspent honor points prior to the release of the expansion, we will be offering a few upgrades and special rewards in next content patch solely for purchase via the honor system: (Read More