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Everbloom idol: If you use a shred every 5 seconds (about right with energy returns from 2pct4/OoC) then you end up with ~100 extra damage per shred (taking ~40% crit, 20% armour mitigation, 13% crit bonus). This works out as 20 dps (100/5). It's possible it's as high as ~25dps contribution in a 1 shred per 4 second model.
Raven lord: If you consider 0.4% crit (9 crit rating) to be 0.4% extra damage on all members of your party (more or less depending on class), you give them ~4dps each (@1000dps) using the Idol of the Raven Lord. If you're doing a lot more than this in your DPS group, scale it up accordingly.
Once you get to BT/Hyjal level, the raven lord is probably better overall really.
Tanking wise I'll always use the Raven Lord. There will always be 1-2 other people who gain from it (normally 3-4 as I'm generally in the melee dps or hunter group) unless you're in a pure caster group, which is far from optimal. Crit returns more damage and rage back, which is very handy, as well as the group wide return.
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