So, the quoted blue post on MMO Champion is quite interesting. We learn that any hc, including the first Cata ones, will yield 150 VP at the end, with a weekly VP cap of 1000 instead of today's 980. The new LFR splits the new raid into two, and yields 250 VP upon completion of either half.
We also learn that VP will buy you gear for a lot of slots "including cloaks, rings, ranged weapons, necklaces, trinkets, chest pieces, helms, gloves, bracers, boots, and belts, all of which are ilvl 397." From earlier posts we've gotten to know that tier pieces won't be there for VP any longer.
So it would seem we're depending on either the new five man heroics for an ilevel 378 version, or the LFR for an 384 version of slots helmet, shoulders, weapons, shields, one trinket, one ring and legs. Obviously FL will become supremely puggable, and thus a 391 ring and a 378 trinket becomes available from AH reputation, not to mention 378 drops from that raid. Given what people have had to say about Shannox, you could get lucky and get a shot at 391 loot from that specific encounter; a little bit like the lootship fight in ICC.
If you're lucky enough to pug a proper raid then loot tables for normal mode drop 397 gear. The big guys who knock Deathwing over can look forward to 403 loot. Hardmode versions yield 410 and 416 loot respectively.
I haven't seen any notes on a quest hub with 'free loot', but given that the PTR is up and running I would have assumed voices on that by now if it were the case. This makes me believe we won't see a crap-ton of daily quests rewarding us with 384 loot like the Molten Front 365 loot.