Sharpshooter is alright, but I frequently swap it out for Tactical Advantage or Perfectionist. If you ever use Sharpshooter, though, make sure you unequip it before comparing items. Having Sharpshooter stacked up will only show how the item improves your burst during full stacks (100% crit). Improving your sustained DPS and learning to stutter-step and adequately gauge when you need to Smoke Screen vs when you can just sidestep an attack will improve your gameplay a lot more than stacking a small amount of burst damage. The mobs and bosses that will give you the most trouble will not be killed (or seriously injured) by your burst potential.
You can get a pretty decent bow on the NA Gold AH for about 100k. That should net you a 950-1k dps weapon (more if you constantly check the AH for deals). Anything over 1k will run you over a mil. If you find a weapon with dex, even if it's lower damage, and it's cheaper, snatch it if it's in your budget! I was lucky to pick up a 1017 DPS bow with 85 Dex, 927 Life on Hit (helps a lot vs reflect damage!), and life leech (keep in mind leech is reduced by 80% in Inferno) for 800k. While it isn't some 1.4k dps bow (which, frankly, go for a few million for something with very few stats), it's quite strong in its own right and easily outpaces anything under 1200 DPS that doesn't also have dex.
I prefer bows over crossbows - I feel the attack speed is superior, allowing your firing animation to finish sooner which allows you to move more frequently (and I value steady bonuses over bursty ones). I "grew up" playing bowzons in D2 and ranger spike in early GW1 and have no problem with killing things through many small damage shots. However, I stay away from 1h crossbows because I feel they're an inefficient with their use of hatred (while they can generate it faster, they also spend it just as fast, and I'd rather not have to switch between my low DPS hatred generator and my high DPS hatred spender every few seconds.. this leads to wildly fluctuating damage which I just do not find fun).
The short and sweet is that you want to focus on DPS but not at the sole expense of other stats. Dex, procs (>3% for things like Knockback or Stun), Life on Hit, and Sockets make some weapons stronger than "higher tier" weapons. Also, keep in mind that things like Increased Attack Speed (IAS) and +DMG are already factored into the displayed weapon damage, whereas stats like +DEX are not.
Also keep in mind the different elemental damage types you can get on a weapon and their pros and cons (cold will slow on crit, arcane will silence for 4 sec on crit, fire and poison deal additional damage, lightning stuns on crit, holy has a small splash heal on crit or death [somewhat helpful for keeping the templar alive]).
Take all of this with a grain of salt, since I'm only just starting Act 3. :P However, I've only had access to inferno since the 30th.
TLDR; Oh god! My legs! Bears have eaten my legs!
Extremely informative, thanks for the post. I'm not really wanting to get rid of all my other stats, I am wanting to try and stay as close to 20k HP as I can, although I figure it might actually be closer to 18k with a high damage Glass Cannon setup.
I've been trying to do all of the evasive tactics, such as the stepping and such. I am able to do it in Act 1, but past that I get a TON of lag when I have larger packs of monsters.. So I can't really seem to accomplish that very well. Which is why I am wanting to try and focus on more of a really high burst damage build, that way I can really burn them down before I do die. Where if I went with resist and such, I feel like I would die over and over just from lag and take forever to kill them due to a huge DPS cut.