They said PvP gear would be lower iLV for the same period in time.
Meaning 5.1 PvE is higher item level than 5.1 PvP, whether you're comparing Justice to Honor or Valor to Conquest.

But the PvP (PvP Power & PvP Defense) stats are free, on the PvP gear.
Meaning, PvP gear is closer to PvE gear than it has been before.
And with the base resilience everyone has, PvE gear is also stronger than previous in PvP.

I'd imagine crafted PvP gear would be decent... not quite as good as PvE gear of the same iLV, but fairly close.