Valor Points are the upper-level currency rewarded for participating in PvE encounters, typically raids. The lower-level PvE currency, rewarded from Heroic mode dungeons, is awarded in the form of Justice points.
As of Patch 4.2 and part of the introduction of a new raid tier (Tier 12), all Valor points will be converted to Justice points up to a cap of 4000 with excess being converted to money at a rate of 1/47 and Tier 11 items will be purchasable with Justice points. Presumably, this conversion will take place each time a new raid tier is released.
Complete the Cataclysm daily Heroic mode dungeon run
70 Valor points (up to 7 times per week)
Defeat a Cataclysm 10-player raid boss encounter
70 Valor points
Defeat a Cataclysm 25-player raid boss encounter
90 Valor points
Valor Points can be spent by the Alliance in Stormwind and by the Horde in Orgrimmar. Valor Points can purchase Item Level 359 Epic gear, which will cost 700-2200 Valor Points depending on the slot of the item. The items purchased may then be upgraded to Heroic versions of the gear by obtaining an Essence of the Forlorn from raid content, and the converting it at the Valorous Quartermaster for a X-of the forlorn, where X is the slot of the item that one wishes to upgrade. Heroic versions have an Item level of 372.
The maximum number of Valor Points which can be earned in a week from any and all applicable dungeons and raids is now 980, down from 1250.
The maximum number of Valor Points awarded for completing Rise of the Zandalari dungeons remains at 980.
The maximum number of Valor Points awarded for completing Heroic dungeons remains at 490.
The number of Valor Points awarded for killing a boss in the Firelands is 70 120 in 10-player mode, and 90 140 in 25-player mode.
The number of Valor Points awarded for killing Occu'thar in Baradin Hold is 35 120 in 10-player mode, and 45 140 in 25-player mode.
The number of Valor Points awarded for killing a boss on Heroic difficulty in The Bastion of Twilight, Blackwing Descent, and Throne of the Four winds is 35 in 10-player mode, and 45 in 25-player mode.