Apparently last season's arena points have been erased early by accident but they are to be restored since the start of Season Eight has been delayed until Patch 3.3.2 hits. Details at WOW Insider.
http://www.wow.com/2010/01/27/arena-points-being-reimbursed-for-now/
While you wait for your points to reappear, you can look at the armor sets for Season Eight.
http://www.wow.com/2010/01/27/season-8-armor-sets-unveiled/
UPDATE: Here's a comparison of gear from Seasons Seven and Eight.
http://bigredrhino.wordpress.com/2010/02/04/the-advent-of-the-wrathful-pet/
What changes Patch 3.3.2 brings are listed here in the Official Patch Notes.
http://www.wow.com/2010/02/02/official-patch-3-3-2-patch-notes/
A detailed list of stats for the new Patch 3.3.2 strength rings for melee DPS is here, in case you have a paladin, death knight or warrior.
http://www.wow.com/2010/01/26/ashen-verdict-strength-based-melee-dps-rings-stats/
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