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I always strive to be very close to the hit.
There was an analysis done by Glaurong in one of the large hunter threads. It went something like this:
15.8 hit rating = 1% hit
22.1 crit rating = 1% crit
Assume you fire 100 shots, doing 100 damage per shot. The numbers don't matter since they'll scale the same regardless. Picking some arbitrary values let's say you miss 5% and crit 25%. Your damage will be
5 * 0 = 0 from misses
70 * 100 = 7,000 from hits
25 * 200 = 5,000 from crits (or 25*233 = 5825 for mortal shots+slaying)
Total damage 12,000 or 12,825 with crit talents.
Adding 1% hit gives you:
4 * 0 = 0 from misses
71 * 100 = 7,100 from hits
25 * 200 = 5,000 from crits or 5,825 mortal/slay
Total damage 12,100 or 12,925
Adding 1% crit gives you:
5 * 0 = 0 from misses
69 * 100 = 6,900 from hits
26 * 200 = 5,200 from crits or 6058 mortal/slay
Total damage 12100 or 12958
So without mortal shots and slaying, you get the same damage boost from each for 1%. But crit rating takes more than hit rating to equal 1%. The ratio is 22.1/15.8 = 1.399. Add in mortal shots and slaying and 1% hit gives you 99.745% the damage of 1% crit. So 22.1 / 15.7 * .99745 = 1.395.
So 1 hit rating is worth ~1.4 crit rating.
What this doesn't account for is the side benefits of crits. Go For the Throat, Thrill of the Hunt, Relentless Earthstorm Diamond all favor crit. Probably not more than 29% though, which is what would be needed to overtake hit, point for point.
Considering that and the fact that not missing is important for consistency when using Misdirection or kiting, my personal estimation on the value of hit vs. crit would be:
1 hit rating is equal to 1.2 crit rating.
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