I've also applied it to my own 2h logs, which should mean that it applies at various gear levels. From what I'm (probably incorrectly) calculating, mastery > crit.
Bottom line: it just doesn't SEEM like crit should be valued over mastery. Somebody please look at this at tell me where I'm wrong.
Basic numbers for Veincane on Feng the Accursed, Jan 10 2013:
Fight length: 5:12
Total damage: 28,936,081
Killing Machine procs: 53
Obliterate crits: 31; avg 220,712 crit
Frost Strike crits: 44; equaling 4,585,225 dmg
Veincane crit chance: 14.35% (4995 rating; 600 crit rating per 1% crit chance)
Frost Mastery: 1% more Frost damage per 1% of mastery (300 rating per 1%)
Total crit damage: 14,167,392
Total Frost damage: 10,832,174
Originally, I saw that total crit damage was > than total Frost damage, so naturally "Oh, well then I guess a 1% crit increase (which would equate to more than a 1% crit damage increase) will obviously result in more damage than a 1% mastery increase." But then I remembered Killing Maching, which (again - obviously) huuuuuugely devalues crit.
So, if we subtract KM-based (assuming super-heavy on KM FS just to overestimate the value of crit) damage out of the total crit damage** :
14,167,392 (tot crit dmg) - 4,585,225 (tot FS crit dmg) - 662,133 (3 KM * avg OB crit) =
8,919,867 organic crit-based damage
** This assumes that Veincane played terribly (which is probably not the case, considering he's ranking), and we're pretending he "wasted" most of his KM's on Frost strike, AND let 6 KMs be overwritten (upping the value of crit in this scenario), meaning 44 KM Frost Strikes and only 3 KM Obliterates (this would mean that the other 28 OB crits are attributed to his crit chance, upping the value of crit in this scenario)
Total damage: still 28,936,081
Total "organic" crit-based damage: 8,919,867 = 31% of total damage
Total frost damage: 10,832,174 = 36% of total damage
Crit damage calc:
31% damage / 14.35% character crit chance = 2.16% damage per 1% crit chance
= 8,919,867 * .0216 = 192,670
Frost damage calc:
10,832,174 * .02 = 216,643
If you give Veincane 600 more mastery rating (2% mastery), he'll do more dps than if you gave him 600 more crit rating (1% crit chance).
PLEASE TELL ME WHAT I'M MISSING?? Seriously though, because I must be wrong, right? And no, I don't care if I did all this work for nothing.