-I am in similar shoes to your own. I've spent a hefty amount of time looking around on forums trying to figure out which is the best. My current gear setup + flask + fish feast yielded me upper 4k->low 5k dps throughout our entire ICC 25 run last night.
Rotation
-Currently: VT -> MB -> MF ->SW: P ...... SW:D Only when moving. Although I am now considering starting with a SW: P for Misery as someone prior to myself stated. (I'd much rather miss a sw:P than miss a VT, plus SW: P gets 2? ticks in). Once I have applied all dots, I immediately Fiend. I use Fiend as extra DPS, I have no real mana issues, and 85% of the time I don't dispersion because it cuts my DPS.
-As for trash, in heroics I generally VT+DP the main target, if there's 4-5+ I mindsear. In raids, if there's 4-5+ I mindsear with VT (sometimes DP) on my main target. If there are many adds, but they aren't close enough together for you to mindsear them all, it may be a good idea to VT each one of them. VT does an immense amount of your damage.
Stats
-HIT CAP is most important, like they have said above. 289 + talents = 17%, that is what you need. *Note I'm not calling you out on any gear, I see you are in Holy spec and may have healing gear on instead of your normal dps gear*. After that...
-Spell power is good, but from my own personal experience, a nice round amount of SP/Haste/Crit is good. I say this because I no 2pc t9 but 2900 sp, self buffed i capped at about 3700 dps. Another spriest came up, he parsed himself and capped at about 3858 dps... he had 3 t9 and 2400 sp. Yeah, I felt retarded.
-So the general consensus that I have read and follow is... if it has higher stats overall, take it. I'd have no problem turning down 50 sp for say 40 haste and 40 crit. I myself feel a little low on crit, I am aiming for about 25% unbuffed and 6-800 haste.
If anyone has any questions or critiques, feel free to send me a message or reply to this post. I know I'm not the best, but I would like to be. I like shadow DPS, but feel like it cannot compete with the pure DPS classes =(. If my DPS is low for my GS and you know how to fix it, definitely reply =).
Carcen of Sargeras
<LOL my guild name is retarded>