Last night -- the night before 5.2 lands -- Lei Shi gave me a new rifle via a soon-to-be-worthless coin. I had been using an upgraded LFR version. Well. I was at about 720/1,000 valor for the week, but not earning any because I was already at the 3,000 total valor cap. So plans demolished.
We were bringing a new raider in who I just guilded, so I went out and dropped the bag of gold for a new legendary gem and gem slot and yes, I upgraded that sucker twice for 1,500 valor.
I'm not sure if this puts me behind or ahead. But I do know that I wont be picking up two epics from valor vendors in the first few days. And it makes me more likely to get a ranged weapon upgrade as a raid drop. ;-)