Patch 9.0.5 Ptr
The first patch for Shadowlands is patch 9.0.5, which just went live today.
Patch 9.0.5 went onto the PTR in early February, and it will be coming to live realms soon: the latest version on the PTR is labeled a release candidate and Blizzard announced that the patch will go live on March 9.
Returning in patch 9.0.5, Valor Points are primarily going to be used to upgrade the weapons and armor that you get from Mythic Keystone dungeons, but Blizzard is also including a way to spend if you don't have any M+ gear that you can upgrade.
The patch 9.0.5 PTR is now live, and it's a system focused affair, with bug fixes for issues that couldn't be hotfixed and a whole new system for upgrading items that drop in Mythic+ dungeons.