Absolutely agree to everything said in this thread already.
One more point to add, is that parry is most noticeable on auto attacks, being they are one of the few exclusively physical attacks in the game and there are plenty of them in every instance.

Now let's call base parry to be about 18%, and stacking a lot of parry would bump this closer to 25%. Most parry in this game is in the 25-30% parried range anyways. So basically, out of all fluff attacks, you are mitigating about 1/16th of that already meaningless damage. Compared to the 6-8k tank buster move, nobody really cares to mitigate an extra 40 damage off an auto attack.