Originally Posted by Benafflock
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With Ruin, your spells will crit for 206% of their hit damage.
It's ~20-30 spell damage depending on gear, ~25-35 with raid buffs for shadowbolt/incinerate.
The strong part is that this gem scales with both crit and damage, while the +dmg/+crit meta gems only scale with +crit/+dmg respectively.
It is a very good choice unless you have mostly green gear and use a lot of DoTs.
Edit:
How to calculate it, hm. Note your damage gear (dam), and your crit rate (crit) after talents and raid buffs. Then your damage is (572+1.06*dam)*(1+1*crit) without that gem, (572+1.06*dam)*(1+1.06*crit) with the gem (not including other multipliers and damage debuffs, but they don't matter to compare). Now see how far you have to increase your spell damage with the first formula to get the same average damage that you had with your old spell damage and the meta.
Edit II:
Actually, I realised that I checked how much +10 damage would increase it, and then how much the meta gem increased it. And the meta increased it by 2-3 times as much as 10 damage.