Yes. Any CP you have prior to 5.2 will be down-coverted to honor, though, so you'll start from zero.
You'll use the CP to purchase the new Tyrannical Gladiator's set, and once you've earned a total of 27000 for the season you'll be able to buy the stronger Elite Tyrannical Gladiator's set. --- http://i33.tinypic.com/i3yr8w.png http://i56.tinypic.com/2d9tox1.jpg
You should try to buy all the gear you need, then cap both CP and HP (all CP gets turned into HP, but if you then end up with any HP over the cap, it gets converted to gold). --- "but you still have to use a keyboard which was made for word processing back in the early 90s with MSdos" -The_Big_Deek