I'm glad to finally see warriors catching into the +crit bandwagon instead of +hit; the theory behind hit being inferior to crit is an easy argument, however, Attack Power throws a variable into the equation...

Say an item's stats look like this:

26str
12 hit rating
16 crit rating

And this drops:
38str
8 hit rating
13 crit rating

which is better?

Its easy to compare hit to crit, but how does AP fit into the mix? I know there were pre-BC formulas that made it "simple", but I'm convinced those forumulas were flawed, and now they are outdated as well.

With crit doing 120% extra damage, or providing double rage and procing flurry, whats the AP equivilent of 1% crit or 1% hit?

It depends on your gear setup. With more crit/hit, more attack power becomes more valuable, and with more AP you need more crit and hit.

Crit and hit increase your damage by a flat .x% (I don't have the energy to work out exactly how much) and AP adds to your damage by x. It's like, as i think has been said, a rectangle. Whichever side is smalllest, you want to increase.

That seems like false logic with the ractangle...no side depends on the other, really and there are no diminishing returns...however you can say that crit doubles the effectiveness of AP, right?

If your goal is to increase the area of the rectangle and you can add 1 inch to any of the sides (In this case i guess inches represent item points, bear with me) you want to add it to the smallest side. Crit increases the effectiveness of AP and vice versa, so yes.

But my thread was asking just that, What is the inch? How much AP is one inch?

Like already posted, it depends on your current stats.

If you got 5% hit, 10% crit and 2200 attack power, then AP is worth less than crit and hit.
But if you got 20% hit, 30% crit and 1200 attack power, then AP is worth more than crit and hit.

(Based on my own stats, I'd go for the +38 str ring)