With 5.1 we have the ability to upgrade existing equipment. Some equipment can be upgraded two levels and some only one. If you're still stuck with some blue gear, you can get away with just spending 1,500 justice points to upgrade one i463 item to a i471 piece of gear. You don't get to choose which stats get upgraded. This will keep everyone on the treadmill for a lot longer.
If you scoff at the minor upgrades you can achieve with that valor expenditure, don't fret. Blizz has you covered with more dailies and another faction grind. I'll be happy for the variety myself. For 6,500 valor and appropriate faction rep, you can outfit yourself with some lovely epic i496 gear;
Of course all of that gear is upgradable twice as well. Spend 750 valor and bump up a piece of i496 to i500. Spend another 750 valor and it and its stats are that of a i504 piece.
Aww hell. My ptr links are pointing to the wrong places somehow. I had them all gathered up nicely and it's been changed somehow. Ahh! wow.Joystick.com has something corroborative. They're buried in a large screenshot gallery otherwise I'd just link to the story.