Your honor will be reduced to 0, that's it.
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This only favours those that rushed to 60 while all others are still saving up honour :S
I am sure this argument is getting pretty old,but blizz(-like) didn't wipe honour between the first month of 3.3.5 and the third either.
How does it only favor those who rushed to 60? If anything, it's worse for them. They've had more time at cap to gather/save honor, so they stand to lose more.
To me, it seems much more fair to give a clean slate to everyone. If you didn't wipe it, then everyone who has been capped at 60 all this time will have a huge advantage starting the collection of PvP gear in TBC.
If you're concerned about losing your honor, why not spend it on things to use now instead of saving it up?