OK lets look at it like you are:
At what point do you hit dps/cd saturation, is it when you get the best dps roll and crit dmg with mainstat and vit/LS? Then what? Then you are done looking for a weapon?
There needs to be more stats that compete with these (cd,ls, mainstat, vit, ar, cc), interesting stats that help create new viable builds.
I agree, but the two are not mutually exclusive. I've been saying forever that the majority of the rares/legs you find should not be insta-trash. This argument is not constructed to reflect the top 1% of players to whom almost all gear is garbage. I'm talking about your average player in decent gear.
The thing about my argument is I'm not even expecting an upgrade
. I just don't need to see crap like a 70 dps bleed at level 60. That's absurd and a total waste of my time. I'd love to see more creative loot as you're suggesting. The problem is, they'd need to do a WoW style overhaul of the way gear works, because right now, it's so focused on the damage of the weapon that even if you get totally sweet incidentals like chance to freeze or whatnot, unless you also rolled, at a minimum, high damage, a socket and/or crit hit damage, and possibly life steal, the weapon is garbage.
As to the "gear saturation," many people jump to that conclusion, but I don't see it. The top players would still chase the near-perfect rolls that are exceedingly rare, and they'd still command top dollar on the AH. The only appreciable change would be that beginning/mid-tier players might actually find an upgrade, or at least not feel totally ripped off when they find that sweet legendary/rare, except it rolled 600 dps.