Id see no reason to which honor would reset.... but im not sure there will be new HWL/GM stuff for level 70, havent heard of it...
But i wouldnt be suprised if the new level 70 PVP stuff required you to get Arena Points or something because you can see that there is a space in your PVP character tab for Arena Stats and it also shows your "Points" or whatever like it does show Honor. Im speculating this because my AtlasMod shows that there are Arena PVP sets but i cant look at them.
That would be my best bet.... but is anything confirmed about new equips?