With a pre-Ulduar almost BiS gearset, spell-hit capped, Sim Results are giving values of Hit ~1.5 and Crit ~1.7.
This seems to match some of the other Sim results in this thread.
However, looking through a WWS parse, and calculating hit and crit effects yields a vastly different result: Hit is roughly 40% the relative value of Crit.
WWS parse used:
Wow Web Stats
Percent DPS increase from 1% hit or 1 hit rating:
White hits: 1686 @ 793 avg (non-crit hits + glancing), and 1513 @ 1854 (crit), 816 @ 693 (glancing), 245 Misses, 58 Parries.
Avg non-crit white hit damage = (1686*793-816*693)/(1686-816) = 887
White hit weighting: 1854 @ .43 (crit), 887 @ .25 (normal), 693 @ .23 (glancing), 0 @ .07 (miss), 0 @ .017 (parry)
Total: 1178
If hit is increased by 1%:
White hit weighting: 1854 @ .43 (crit), 887 @ .26 (normal), 693 @ .23 (glancing), 0 @ .06 (miss), 0 @ .017 (parry)
Total: 1187
%-increase: 0.78%
White hits are 28% of total DPS from that WWS.
Total Increase in DPS due to 1% hit increase: 0.22%
Total Increase in DPS due to 1 hit rating (32.79 rating = 1% hit): 0.00669 %
(above spell hit cap)
Percent DPS increase from 1% crit or 1 crit rating:

Firstly, calculate a formula for the % increase in dps from an ability when the ability (a) cannot miss, (b) is not crit-capped:
Critical Hit: c @ r, where c = avg crit amt, and r = crit rate expressed as proportion
Normal Hit: n @ 1- r, where n = avg normal hit amt.
Value of 1% crit =
(.01 + r)c+(.99-r)n
------------------------
r*c+(1-r)*n
Secondly, list all abilities that fall under this criteria:
From the All Bosses WWS:
Ability: n,c,r
Magma Totem: 748,1572,.31
Windfury: 1939,4028,.42
Earth Shock: 2585,5429,.36
Flametongue: 445,937,.36
L.Bolt: 3683,7443,.32
Stormstrike: 875,1860,.43
C.Lightning: 2492,5528,.32
Lava Lash: 1157,2432,.43
Searing Totem: 632,1342,.32
Thirdly, also calculate values for white swing (converts one hit into crit, at a lower rate b/c of misses and glancings)
Fourthly, sum up all these increases:
http://spreadsheets.google.com/ccc?key=r5sWM1yb9oTVQDZJzBZlDIw&hl=en
Total Increase in DPS due to 1% crit increase: 0.007576365406625 = 0.76%
Total Increase in DPS due to 1 crit rating: 0.000165026473679 = 0.0165%
Therefore 1 hit rating above spell cap = 0.40 crit rating at this gearing level.
This means that crit rating is roughly 2.5x as valuable as hit rating.
Or, if crit = 1.7 EP, then hit = 0.7 EP
This differs from the sim value by a factor of 2:1.
Any ideas what's going on? Am I doing something wrong in the WWS theorycraft, or is the sim off?