I have written a warlock gear optimiser in MATLAB that calculates the best gear set to achieve maximum DPS by wasting as few stat points as possible. It is based on a genetic algorithm which creates a 'population' of 10,000 gear and gem combinations (randomly) then selects the 8000 highest DPSing combinations, and 'breeds' them to create the next generation. It then adds 1000 random 'mutations' to the population by randomly changing gear options of random members of the population.
It will converge on the highest DPS output gear combination as defined by the file dps_func.m. This function finds the highest DPS, and considers everything _except_ drums of battle, heroism, totems of wrath, mana regen (its assumed lifetap scales with haste, plus if you are chain potting/dark runing, lifetapping is rare). All raid buffs, enchants and threads etc are added to the gear bonuses before the DPS calculation is carried out.
The gear database is in Script.m, it includes all decent DPS loot, as decided by me

Its pretty much all cloth DPS from MH, BT, SW plus a few imba items like Quagmirren's Eye and the S4 arena dagger.
Chaotic skyfire diamond meta gem is assumed, because its amazing.
Proc items are calculated as the uptime fraction of the bonus stat. Eg. (15 seconds / 120 sec CD) * 320 spelldamage = 40 SD.
Files are available here as a RAR archive:
Free file hosting by Savefile.com
Run Script.m to begin the calculation. Note it will run until it hits 3000DPS, which it wont...So you will have to stop it after a few hundred iterations with Ctrl-C. It usually converges by 40-70 iterations. By limiting the variation of the population, it can be made to converge within 10 iterations, but this gives a less exhaustive check of the search space.
Any corrections are WELCOME. Please suggest items i have missed, and mistakes i have made. I will do my best to correct them.
Optimal gear setup currently appears to be :
Hood of the Malefic All sd meta
Amice of the Convoker All sd
Leggings of Calamity 2 sd 1 blue
Pendant of Sunfire All sd
Robes of Ghostly Hatred All sd
Belt of the Malefic All sd
Gloves of Tyris Power All sd
Bracers of the Malefic All sd
Boots of the Malefic All sd
Ring of Omnipotence
Loop of Forged Power
Grand Magisters Staff of Torrents 2 sd 1 blue
The Skull of Guldan
Quagmirrens Eye
Wand of the Demonsoul All sd
Nethervoid Cloak
To achieve
2785.2 DPS before drums, heroism, PI and ignoring lifetap time.
It also assumes you are an enchanter/JC...No tailoring or eng items have been included, because they will probably get trumped by Kil'jaeden loot. I could change this if people really want...