Alrighty, time for that math post I promised.
III. MATH!
A. Ramping Penalty
Assuming the SoV procs are spaced 3 seconds apart, it takes 12 seconds to "ramp up" to a 5 stack.
0 seconds - 1st application
3 seconds - 1 stack tick, 2nd application
6 seconds - 2 stack tick, 3rd application
9 seconds - 3 stack tick, 4th application
12 seconds - 4 stack tick, 5th application, judge
For 4 ticks, we'd get 68% (17% * 4) of our +dmg, and 10 "blocks" of base damage. (30 base damage per tick per application; 300 damage done)
JoV would do 600 damage, and add another 43% of +dmg.
So over 12 seconds, we have done:
[Seal damage] + [Judgement damage]:
[top] 300 + 68%+dmg + 600 + 43%+dmg
900 + 111%+dmg damage
or
75 + 9.25%+dmg DPS
Comparisons
At 5 stack, we'd do
50 + 5.67%+dmg SoV DPS (600 damage over 12 seconds) and 60 + 4.3%+dmg (600 + 43%+dmg per judgement, assume every 10 seconds) JoV DPS
110 + 9.97% +dmg DPS (1320 + 120%+dmg over 12 seconds)
While ramping up, we lose 300 SoV DoT damage and a small bit of JoV damage (if we wait to judge after the 5th DoT application; We lose at least 120 damage if we decide to judge before that point, so it's probably better to wait for the 5th application).
If we instead used SoR, (assuming 1h SoR, rounding up 1H base SoR DPS to the nearest decade) we'd do :
[SoR DPS] + [JoR DPS]
[top] 30 + 9%+dmg + 22 + 7.3% +dmg
52 + 16.3%+dmg
or
624 + 195.6%+dmg over 12 seconds
So during the ramping time, we do 276 more base damage with SoV, while SoR receives 84% of +dmg more over these 12 seconds; at steady state, SoV does 58 more base DPS while SoR gets 6% more +dmg as DPS.
Examples
Say we have 500 +dmg (I'm around this level with my current L67 gear). During the ramping time, SoR does 144 more damage (420 total) than SoV. At steady state, SoR does 30 DPS, so SoV still has a 28 DPS lead. It takes 144 / 28 = 5 seconds for SoV to make up for that difference, and after that SoV does more damage.
For SoR to have a 15 second lead over SoV, we need (.84+dmg - 276) / (58 - .06+dmg) = 15
Solving this equation gives us +dmg = 660. At higher levels of +dmg, the damage penalty of ramping up to a 5 stack makes SoV less attractive for single target use.
B. Special Cases
However, SoV still has something going for it at that level of +dmg - multiple targets and seal cycles.
1.) Multiple Targets
For two targets, if one swung at each mob with SoR once, that would be the same damage output as if attacking a single target with SoR. For SoV, one can maintain a DoT on each mob and essentially double seal damage. With 2 DoTs, SoV has 15.64%+dmg in DPS, which reduces SoR's scaling advantage to less than one percent. There would be no achievable level of +dmg that would allow SoR to scale better in that scenario.
2.) Seal Cycles
For seal cycles, consider the ramp up of SoV - after 12 seconds, on average, we have done 900 + 111%+dmg damage from 10 "blocks" of base SoV DoT ticks and a single JoV. After the Judgement, there are another 4 ticks of 5 stack SoV in backloaded damage, worth 600 + 68%+dmg damage.
In all, we'd have dealt 1500 + 179%+dmg for 12 seconds of melee using SoV.
Compare that to SoR's 624 + 195.6%+dmg over 12 seconds.
It would take more +dmg than a mage could ever possess for SoR to do more overall damage in this comparison.
Now, this is kind of unfair, since we're comparing 12 seconds of SoR + JoR with 24 seconds of SoV + 1 JoV. However, 12 of those 24 seconds do not require SoV to be active - allowing us to use another damage seal, such as SoR!
Using SoV by itself, we'd deal
1320 + 120%+dmg over 12 seconds
or
2640 + 240%+dmg over 24 seconds
Using SoR by itself, we'd deal
624 + 195.6%+dmg over 12 seconds
or
1248 + 391.2%+dmg over 24 seconds
Alternating between SoR and SoV, we'd deal
1500 + 179%+dmg for 12 seconds + 624 + 195.6%+dmg over 12 seconds
2124 + 374.6%+dmg over 24 seconds
(These values include the ramping penalty. However, DPS numbers are an approximation, and do not consider the effects of talents like 1h Weapon Specialization, imp. Judgement, Sanctity Aura, Vengeance, etc)
This 3rd method would do more damage than SoV by itself once +dmg exceeds 400~, and will do more damage than using SoR alone until we reach 4k +dmg.
Conclusions
So assuming SoR does not make any major gains at L70, and barring buffs/nerfs to either seal, it looks like SoV will definitely have a place in a paladin's arsenal even at L70, as it has better damage potential than SoR at realistic levels of gear.
This is an interesting conclusion, as I actually thought SoV would be obsoleted by high end gear. But the math shows that SoV is not that far behind SoR in its ability to scale with +dmg, and comes out ahead due to its higher base damage.
EDIT: Added sections for easier reference and reading.