Originally Posted by gtmeteor
Heart of Rage - 1926 Str for 20s with ICD of 90s which makes it - 1926*2/9 = 428. With a chance of triggering at the wrong time.
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If this is true then its almost certainly better than license to slay. It also means that Heart of Rage probably isn't working as intended (I'd be really curious to see where you got the 90s ICD from, though).
My understanding is that Cata trinkets are universally supposed to have an ICD that's 5 times their proc length, so the expected ICD for Heart of Rage would be 100 second. Furthermore, proc rates seem to be much lower across the board, so there will be some time after the ICD finishes before you actually get the proc again (wowhead lists the proc chance at 10%). Without knowing exactly what can trigger the proc its hard to tell for sure, but this lag could be anywhere from about 6 seconds on average (if auto-attacks and specials all get a double proc chance due to SoT) to around 30 seconds average (if only auto-attacks have a single proc chance).
On a somewhat related note: Blizzard seems to value these sorts of procs as if they had 1/6th uptime (which makes sense if the ICD is 5x the proc length plus some extra time before it procs again). Strangely, on use trinkets seem to be valued at 1/5th uptime when their proc lasts for 1/6th of their cooldown. This is what makes things like Impatience of Youth seem to be under budget, but its pretty clear from looking at a list of trinkets with "on use" effects that its like this across the board. Perhaps they figure the predictability makes them more valuable--if you're popping wings every time you use a trinket then you're getting ~20% more benefit out of it which brings it roughly in line with proc trinkets.
Looking at License to Slay from a budget perspective, fully stacked its worth 380 points, but its budget should only be 321 points. This means you need to get something like 85% uptime for it to be on-par with other 359 trinkets. If you can do better than that (which you can in a lot of current fights) then it should be effectively over budget. If you can get above ~95% uptime (which requires a ~5 min fight assuming a 30 second ramp up time) then its on par with the ~363 str that a 372 trinket would be expected to provide. To make up for the 321 hit compared to 363 rating points you'd get on a 372 trinket you'd need to get a bit more uptime out of it (better than 98% which requires nearly a 13 minute fight). So, License to Slay might not be 2nd BiS, but its should be fairly close to many of the 372 trinkets on most fights budget-wise (and noticeably above all the 359 trinkets). The detailed ordering, however, will depend on the specific effective cooldowns of the proc trinkets and if they get any extra benefit from cooldown stacking.
(From my limited testing, License to Slay stacks only from auto-attacks. Assuming a 3 second swing timer, it will take ~30 second to get the full 10 stacks up. Since the stacks are building during this time, you average a half stack over that first 30 seconds--or equivalently, you have nothing for 15 seconds and then a full stack thereafter. To calculate fight time required for a certain uptime percentage: 15 / (1 - desired_uptime) = fight_length).