Hey guys, I'm the guy who made the old hunter weapons spreadsheet that has found its way around many times over the internet. Anyways I have severely updated my calculations with more depth and variability for different specs and using your own DPS/Crit Rate to calculate the resulting DPS of an item.
I won't spam with info I have already posted elsewhere, so here is the link to the calculator:
I intend to update it soon to include hit rating, weapon skill, and ranged weapon specialization as i have mentioned on the 'coming soon' part of the calculator. I'm sure i've made some mistakes somewhere and am always up for some good hearty math discussion!
Just like to add that this does NOT include any rotations whatsoever. I feel that a rotation is completely up to the player and I'm not going to decide for them how much dps they can do. I am sticking to the static beneficial DPS added from stats and all the nuances of non-obvious calculations to get that dps.
A little more as to why I feel this method is the most appropriate when compared to equivalent item value - AEP or something similar.
Assumptions is the key word of AEP and Rotational hunter theory. This means that it is mostly only valid for Long Boss Fights. Now if you are like me, you do a lot more than just kill long continuous boss fights. Even a lot of boss fights don't allow for continuous rotations and immediately void all of that theory for the current scenario.
What i present makes as few assumptions as possible. The dps added purely from stats, and adjusted for all the nuances allows for comparision of the damage output you will see across the board. whether you are PVP'ing, fighting any boss, or trash mob, or whatever else it is people do out there where you want to maximize your damage output. These rating suit all DPS scenarios, with no assumptions to your play style, how you are rotating shots, how good you are with mana, how fruity your night elf is, etc etc...
Having said that I will comment on mana regen. Any good hunter knows it is important, but the key is to remember that it ONLY matters if you would have ran out of mana without it. So if you are potting regularily, using consumables and you don't run out of mana, additional mana regen is COMPLETELY useless. If you don't get any extra shots that you would have otherwise not have had, it has no value at all. This is why giving it a value like in AEP, is a little sketchy. The value of regen is strictly on the matter of boss to boss and varies widely as I'm sure you should know.
On another note, i've done all the calculations to include Hit and weapon skill for your dps now in my own spreadsheets, just need to get around to putting it in the calculator tonight. As i have mentioned before it will be a matter of putting in a Hit CAP (ie: 8.6% for raiding, and a lower % for pvp mostly depending on how much you value your raptor strikes). This will make it more complicated and less intuitive so I might make a simple and an advanced version at some point.
Updated to include hit rating dps. Using a user customizable hit cap was the best i could come up with. You can put in where you feel a max hit% is (set to 8.6% by default for raiding purposes) and any hit rating on items will only increase the dps until that hit cap has been 'hit'.