2.1 made threat a joke, so there's no reason not to look to maximize DPS as a tank, which means Fracture is valuable. It's not going to see 100% uptime in longer fights due to its TP cost, but it's hardly useless.
Optimal opener on a single target is:
Fast Blade > Savage Blade > Fight or Flight > Rage of Halone > Circle of Scorn > Fracture. Spirits Within can be tossed between Fast Blade and Savage Blade, or delayed until after Fracture to take advantage of Fight or Flight.
This permits 2 uses of Circle of Scorn and Fracture before Fight or Flight ends, and maximizes the number of Rage of Halones that benefit from the DPS buff.
Shield Lob is a waste unless you need the enemy to come to you, and popping any buffs before engaging is wasteful. The first hit of every single boss in the game is laughable and lost CD duration is far more of a detriment than taking the first auto attack without a CD up.
I'm surprised no one's pooh-poohed on Shield Swipe to this point (yes, it could probably stand to get some tweaks, but the quickest way to spot a bad PLD is to see who doesn't use Shield Swipe as often as possible, provided it won't cause them to lose threat on a target), but I guess in fairness it's far less marginal than Fracture, so it makes sense that it's not facing anyone's ire this second.