From Serabi's comment on Wowhead this morning:
Trial of Valor is a new mini-raid coming several weeks after the launch of Patch 7.1. Here's everything we know about the raid so far:
Table of Contents
Trial of Valor Overview
Since Loken's betrayal, Odyn has been trapped within the Halls of Valor as Helya plots in the shadows to claim the souls of his valarjar champions. In recent days, however, great heroes have arrived in the lands of Stormheim in the Legion's wake. Hoping that their might and determination could tip the scales and end Helya's reign, Odyn summons these champions for a final test.
Trial of Valor is intended to wrap up the Stormheim questline and serve as a mini-raid in between Emerald Nightmare and Nighthold.
Trial of Valor will open on November 8th US/November 9th EU, two weeks after the Karazhan dungeon opens. Mythic and LFR will likely open the week after, following the schedule for past raids.
Defeating Helya on Mythic difficulty ( The Chosen) awards the title %s the Chosen.
Trial of Valor Quests
Players upon logging in for 7.1 will find a raven in Dalaran. This will start the quest series A Call to Action, A Threat Rises, Helya's Conquest, and Odyn's Favor.
This will unlock new Helarjar World Quests. These are found all over the Broken Isles, to show Helya's corruption is spreading.
Trial of Valor Loot
Loot from Trial of Valor is +5 ilvls higher than Emerald Nightmare Loot:
There is no Tier loot with set bonuses from Trial of Valor. However, there are a number of relics from the bosses:
Odyn: Holy, Arcane, Iron
Guarm: Shadow, Fire, Frost
Reputation will not be made account-wide, no, but we will be easing a couple of linked features with 7.1.
First, Court of Stars and The Arcway will now unlock account-wide once each individual dungeon is completed once on an account.
Second, World Quests will no longer have the "friendly" reputation unlock requirement for secondary/alt characters. Once you hit 110 on an alt, you will immediately receive a quest to speak with Khadgar to receive your Flight Master's Whistle and unlock World Quests, as long as you've already unlocked World Quests on your main.