BG's, at least the larger scale ones... probably not that frustrating.
Arena will likely suck initially... but once they have most of the honor gear, I've won in 2's with hunters in all three specs.

In 4.1, whenever that comes, the rate we gain honor is supposed to double.
4.2 is the new raid content/arena season, so no gear reset until then... plenty of time to get arena stuff, gradually.
And to have maxed out honor points to buy any of the (current) Conquest stuff that is missing when they change over.