Your base crit rating at level 50 (where testing was done) is 341. Your base crit rate is ~5%. The values given apply to increases beyond the base level, at which point it becomes linear.
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Interesting theory.
Personally I prefer +crit gear a lot. Haven't run any parsers or any fancy math, so I've no right to comment on any of that. But purely on what I've experienced of the game thus far, stacking crit gear has had a very noticeable effect on my damage output on BLM & SMN. Yes Determination will give you far better average damage, which is probably more ideal for say MNK which does consistent damage, but for jobs like BLM & DRG which deal a fair chunk of burst damage Crit Rate can really shine. I've found it to be particularly devastating on SMN when I get big crits on Fester.
Also I've heard conflicting reports on whether or not DoTs can crit - can they or not? And I don't mean the initial impact damage.
Dots can crit, yes. Otherwise there'd be no sense in BRD's River of Blood trait, which resets Bloodletter when our dots crit 50% of the time. As for the value of crit chance, it gets devalued by certain mechanics across different classes. Straighter Shot procs devalue it for BRD (though RoB boosts the value overall, slightly). Same with Bootshine on MNK and Life Surge on DRG.
DoTs definitely crit, but they just show up as bigger (numerically) numbers in the "blob" of numbers per tick, rather than having a big (fontwise) number with a crit exclamation mark.
I'm done arguing avg damage vs +crit for burst. Its not worth it anymore lol.
Gear whatever the hell you want >.>
The problem with avg damage vs +crit is that det comes in lesser values, most of the time below the weight, than crit on gear.
If it was 1:1 I'd take det every day, but it's not like that.
Just as an example, Caster Allagan Head Piece vs. SMN AF2.
15 DET vs 21 crit. There's 40% more stat towards crit. If this was a DRG piece, and you used the accepted weightings, they would almost be even--but crit would be on top.
Source? Because from everything I know, and have seen, that's only ACC.
It's entirely possible. Blizzard did it in Diablo 2 - whenever you hovered over your accuracy rating it would give you your chance to hit in % vs the last enemy you attacked. In XIV's case, it would probably be easier to just list your rates vs enemies of your own level, and assume the values drop accordingly vs higher level targets.