This is a great thread and I figured I'd give my input from experiences.
One thing I noticed that I wanted to make mention of is the avoidance macro.
/script DEFAULT_CHAT_FRAME:AddMessage("Need 102.4 combined avoidance. Currently at:",0.8,0.8,1)
/script DEFAULT_CHAT_FRAME:AddMessage(GetDodgeChance()+GetBlockChance()+GetParryChance()+5+(G etCombatRating(CR_DEFENSE_SKILL)*150/355 + 20)*0.04,1,0.5,0)
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I just wanted to question if the +20 in there is for 5/5 anticipation (it appears it is) and if so be sure to replace that with the amount of defense you actually took via those talents (ex. 3/5 points = 12 rather then 20 defense).
The other thing I wanted to touch base on, which seems to be highly requested, is talent builds. I've gone through several revisions and although none have been "everything" I wanted I have found the current build that I am very happy with. I'll go through the build, why I took certain talents & why I didn't take others as well as some of the other builds that I've had before and how they worked out.
For starters let me give you a quick bit of background since I'm new here. I've been a Prot pally since we were mid way through Karazhan due to a lack of attendance in Warriors & Druids. I've tanked everything in Karazhan, TK & SSC, Hyjal & BT trash and of course all heroics. The Fabled usually runs with 4 pallys total: 2 Holy, 1 prot, 1 Ret, so there are some talents which I simply don't need because they are covered by the other pallys. For best threat generation I prefer using Retribution aura (improved from the 2 peice Tier 4 set bonus), Windfury totem and if you have a Ret paladin try to get him in your group with Sanctity aura.
My current build:
0/46/15
Prot tree: As you can see there are some talents I've avoided here which some may consider highly useful, and while I would probably agree with that there are only 61 talent points to play with so inevitably somethings are going to be left out.
First Tier: Redoubt is a must have. All though it's a proc, it's very beneficial and hits all the time. You shouldnt' pass up a 10% chance to increase your block by 30%. Allot of Holy paladins will get the improved devotion aura when going for kings anyway, so stick them in your group if you feel you really need the armor bonus.
Second Tier: Most would say go for 5/5 Toughness and that's certainly a valid statement. However, I found that the spell & mele hit were much more beneficial to me personally then a bit more armor. 2/2 Guardians favor is honestly just because I could have either gotten this and been able to save someone every 3 minutes instead of 5 (very handy for Bloodboil) and rather then get a measly 4% armor increase I opted for a lower cool down on BOP.
Third Tier: YUM!

Kings and 3/3 RF are a MUST. I'd also highly recomend 3/3 shield specialization, as it helps greatly for AE tanking. Anticipation is of course very beneficial, as defense is one of the keys to becoming uncrittable/uncrushable as well as just plain adding more avoidance to your tanking, however at a certain point you'll find your gear will outweigh the need to go a full 5/5 in this. More defense will of course add to your d/p/b which is always a good thing, but IMO once you get past the 500 defense mark (already 10 over the crit/crush mark) it's not worth talent points to add to your defense. Gear will likely cover this with loads of +defense on it already (I'm currently at 509 defense).
Fourth Tier: Skip! "Handy" items at best, but as I mentioned before you only have 61 talents and all these can be left out.
Fifth Tier: 1/1 Sanctuary of course and 4/5 Reckoning (missing 1 point in reckoning isnt' going to affect the proc rate much, use 5 points total to get to the next tier and save the 1 point for something more beneficial). Both help with threat and you need Sanc anyway to get some very necessary talents later in the tree.
Sixth Tier: 2/2 Sacred Duty is a must have, the more stam the better and the Divine Shield benefits are handy. 5/5 weapon specialization is a must have for threat.
Seventh Tier: Again, get everything. 5/5 Ardent defender has saved me (and wipes) on countless occasion where those blows would have killed me. 30% damage reduction is something you shouldn't pass up IMO, even if it is only when you're below 35% HP. 1/1 Holy shield and 2/2 improved is a no-brainer. The more you can block, the better, plus the damage increase helps with threat slightly.
Eighth Tier: Previously I had skipped this tier completely, but with the 2.3 patch Blizzard added a 10% increase to stam which makes this a must have. 5 expertise is a handy bonus that comes with this but really the stam is the primary reason for getting this talent.
Ninth Tier: Of course, avenger's shield. Great for pulling, great for getting multiple mobs attention, awesome for threat.
Ret tree: Here's where I've played around allot figuring out what's best for me & the raid group. With the changes in the 2.3 patch, effectively making Ret pallys viable DPS we recruited for one and thus eliminating the need for me to pick up certain talents that the Ret pally covered.
First Tier: 5/5 Benediction is something I simply can't pass up. Although you get mana back from heals, you'll find that once your avoidance is so high you may be taking very little damage in certain fights, thus not getting much in the way of mana returned. Since you can't feasibly go as deep as tier 6 to get the benefits from the 80% mana return from sanctified judgment, Benediction is the next best thing. Improved might is something our Ret pally takes care of, hopefully you have one to take this talent for you. Otherwise, I'd honestly say too bad for your mele unless you can see a way to skip out on 5 points somewhere else.
Second Tier: 5/5 Parry is a must have, the more the better. Well worth the 5 points as 5% is a HUGE amount to not have to compensate for with gear or gems. 2/2 Improved judgment will help tremendously with threat. You wouldn't think 2 seconds would be that big of a deal, and honestly if you absolutely have to avoid this talent for something else it wouldn't kill you, but a shorter cool down on one of your highest threat actions will keep mobs on you and gain their attention faster. If you don't have a Ret pally in your raid makeup, 3/3 Improved Seal is also very beneficial to your raid group for the obvious boost in crit to all spells and attacks.
Third Tier: If you do have a Ret pally and can spare the 3 points (by not using them in improved Crusader) I'd highly recommend Pursuit of Justice. The run speed boost is nice and will avoid the need for run speed gems or enchants. The best thing about this talent however is the 3% spell avoidance increase. This is one of the newer talents I've played with as Prot and with all the increased resists I'm seeing on incoming spells I'm never not getting this talent.
So there you have it, my personal opinions on my favorite talent build and why I went with the talents I did. As I mentioned I've played with several different versions of builds and in no way is this set in stone or a pally talent bible, it's just the build I've come to find is most beneficial given my role in raids and raid makeup.
Here are some other builds I've had and found to be decent for tier 4 & 5 raiding:
0/46/15 - Similar to my current build though with a few subtle differences including some items you'd pickup if you didn't have a Ret pally in your raid makeup.
0/41/20 - This build was really to have a decent amount of defensive abilities and some Ret talents to help when soloing or when only one tank was needed on any given fight. I wouldn't really recommend this build for someone wanting to tank bosses though, as you'll notice several prot talents aren't maxed out, reducing avoidance and threat.