You have until November 13th to spend all your wow honor points and tokens, came the news from Blizzard today. After that point, they will be wiped. Good news is that a few new things to spend your tokens and honor on will be brought in before the expansion goes live, probably some time in the next two or three weeks when the content patch is added:
Blizzard Quote:
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.
All Honor Tokens will be wiped as well. This reset should happen right before the launch of Wrath of the Lich King.