Good info for all raiders:)

Valor Point Item Upgrades
In Mists of Pandaria, Valor Points can be used to upgrade your gear. This feature is not in the game yet and not intended to be previewed at this time. All of the numbers used here are fake (except the item level 375 requirement) and for demonstration purposes only.

The minimum item level to upgrade gear is 375.
The left side shows the gear item level (500) and the player's item level (489).
The right side shows the increase in item level, and the new item level (525) and player's item level (491).
Right now all stats are upgraded, you can see the increase in individual stats on the right side (+35) and the new stat amount (255).
This example only shows one stat, but in the final product all of the stats on an item will be increased.
Each item has a limited number of times it can be upgraded, which is shown at the top right (2/3), with the upgrade cost directly above it (300).

http://www.mmo-champion.com/content/2810-Valor-Point-Item-Upgrades-MoP-Music-Update-Botting-Ban-Blue-Posts-MMO-Report