Things changing with 4.0.1

[Shodokan]

How would this work, exactly?

A - There's a 4,000 point cap going into Cataclysm
B - You can't buy lvl 85 gear until lvl 85
C - Items are costing about 1650 -2500 on beta

So, yes, you can store up 4,000 points and get 1 or 2 pieces at 85 - but hardly a full set.

They are currently on beta, but theres "rumors" of the vendors going in to 4.0.1 to give people SOMETHING to do other than screw around with talents and do the pre-cata lore stuff. If you can then your points are moot. Yes there is a cap of 4,000. There is no proof anywhere you need to actually be 85 to buy from the vendor itself from what I've seen. It's isn't gauranteed that the vendor is going to actually be put in... but if it IS then people can do what I said. If not then obviously you can only get to the cap.

Does that mean I just wasted a sh#t ton of gold and time leveling 10 alchemists? Or will the new epic gems have a cooldown?

For the end of wrath? Yes. In cata though all high level professions are apparently going to need an item that alchemists make on a one day cooldown.