Few things I thought I'd add since it's kind of relevant to the discussion:
1. The honor tokens purchased with the shards are account bound - you can send them to other toons on the same account. So you can use your shards to start gearing a 2nd team if you've already gearded your primary team. Note - you can also use the Wintergrasp Marks to buy honor tokens (9 marks = 1 token)
2. Honor tokens can effectively let you get past the 75k honor cap, so they can be useful to store up if a new arena season is starting soon (which means a new tier of honor gear).
3. If you reach the 75k honor cap, use some of your honor to purchase epic gems (10k honor each). The cost of the gems is low enough so you can keep yourself near the honor cap without having honor points go to waste.
Cheers,
S.
The Zerg (Magtheridon - US)
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I just remembered something. ToC normal bosses drop 3 shards. You can do ToC normal in about 20 mins, which is 27 shards per hour, which translates to about 1800 honor per hour, but more importantly 1800 honor / hr that doesn't cap out. Add to that a whole bunch of gold (price of enchanting mats will rocket once 3.3 and next season hits). Guess I know what I'll be doing when we have WG :-)
Classic - Pyrewood Village, Horde, EU
Wow, just timed it - 11 minutes - that's a lot of shards/hr per hour :-)
Classic - Pyrewood Village, Horde, EU
And you can go into an instance six times in an hour.
11 minutes is pretty close to the cap, but you should never be locked out.
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