One thing a lot of people seem to not realize though is that even though it maxes at your current level... it DOES stack. So don't feel like that valor is going to waste. The valor earned will carry on into your next level.
I have never seen this officially quoted anywhere but after leveling 4 toons to 50, the valor sure seems to fly by pretty damn fast. I would hit 35 and after 1 or 2 wins it seems my valor bar is almost full again.