Basically my question is as the title says. What will the Triumph/Frost emblem to Justice Points be?
When Patch 4.0.1 launches to live servers, (Don't ask when, it'll be Soon™, and that's all we know.), Emblems of Heroism, Conquest, and Valor, will each be converted to 5.5 gold. Badges of Justice (yes, the BC ones), will be converted to 1.8333 gold.
Emblems of Frost and Triumph will convert to Justice points, the new 'lower tier' of PVE points (Complimenting Valor points, which will come from Cataclysm raids), at a rate of 11.58 points per emblem. If you have 346 combined badges, then on patch day, you'll have 4006 Justice Points. You will also be unable to acquire additional points until you spend yourself down to 4000.
When Cataclysm is released, a few weeks after the patch, any points in excess of 4000 will be removed. As of now, you will be able to carry 4000 points up to level 85 with you for some quick starting gear.
Edit: Update! The conversion has been changed! Answer updated.