Comparing 1% hit to 1% crit is somewhat of a false comparison, because of how Blizzard budgets the two stats. Basically, one rating point of anything is equivalent value, and it only takes 8 hit rating to equal 1%, while it takes 14 crit rating to get 1% crit (both at 60, obviously). So really, 1% hit should be compared to .57% crit if you're comparing equivalent level items. So it would appear that hit gives you "more bang for the buck" item wise, since its only slightly behind the dps gain % for %, and you can get hit a lot more cheaply. However, hit has limited value in PvP, where you only need 3 or 4%, and vs trash mobs, etc. So there's always a tradeoff between the two, and it's not really viable to build around just one or the other, and the choice of items for each slot is generally pretty apparent, at least with current itemization. This may change if there is more varied itemization at each plateau of ilvl in the expansion, however right now there really aren't any slots for a mage where there aren't clear "best items," some being items with hit, some being items with crit.
Prior to the 2.0 patch, that was a given. But I think even now there is a bit of a discrepancy in terms of what items makeup the best for each slot. Ignoring any of the "raid DPS" boost that 6piece frost fire gave, I believe this setup was a given as the "optimal" for a mage when we had 6% hit on precision:
There were not really choices to make; even if you felt that the %hit on Dark Storm Gauntlets was useless, there wasn't much else to comparitively, save stats on Frostfire Gloves. Now, though, there is 3% hit that is wanted in that gear setup. This is basically the underlying reason for my questions as of late. Is this the best gear setup, or is more hit needed to truly arrive at the optimal setup?