Did a couple of short tests with 378 ptr gear, both tests were done with only t3 HS selected, Molten Armor + Glyph.
Test1: 4t12 crit 30.13%
scorch-crit 796 (0.35066079295154185022026431718062)
scorch-hit 1474
Hot Streak 376 (AURA_APPLIED + AURA_REFRESH) (0.47236180904522613065326633165829)
With such an extremely high HS rate I decided to run a test without using 4t12, switched some gear around and managed to get the same crit%.
Test2: 2t12 crit 30.13%
scorch-crit 273 (0.34732824427480916030534351145038)
scorch-hit 513
Hot Streak 29 (AURA_APPLIED + AURA_REFRESH) (0.10622710622710622710622710622711)
Test2 was much shorter since I didn't have much time and just wanted to verify some things.
Conclusions:
1. 4t12 is probably T3hs = 4t12% + MAX(k(c), 0) (as Zaldinar suggested)
2. 47% is around 5% higher than the suggested value assuming the old k(c) formula and 30% for 4t12, which means that either or both are slightly wrong.
* Test2 shows that at least k(c) didn't change significantly, but since the test wasn't long enough, we can't really check the correct value exactly.
I did a bit of testing on
2t12, it seems to have a pretty high proc chance, and around 45s icd, it's up for 15 seconds and seems to cast Fireballs even if you don't have a glyph, the spell is
Fireball - Spell - World of Warcraft which suggests it doesn't scale with spell power, it manages to cast 4 fireballs during the uptime. Averaging the numbers (assuming 0% crit) it's around 28k damage every ~50s. Though more tests are needed for the specifics.
Variable Pulse Lightning Capacitor - Item - World of Warcraft seems to behave as expected, ie. there is a 10% chance per stack to proc a
Lightning Bolt - Spell - World of Warcraft which does damage times the number of charges you had, it uses your crit rate, doesn't scale with spellpower and all the bling aside simply put does
Lightning Bolt - Spell - World of Warcraft damage every time you crit while obeying the 2.5s rule.
EDIT: about the capacitor, the proc is extremely simple mechanic which they just played a bit with (not sure why), but it's equivalent to having no stacks and proccing on every crit (2.5s) for the 1 stack amount, or can also be looked at having 1 proc every 10 crits for 10 times the 1 stack proc.