Tenacity is still inferior in terms of damage, but that doesn't mean that you must avoid any piece of gear with tenacity on it. It's not like parry which was a completely dead stat, here, tenacity still gives damage, so it's possible that a piece of gear with tenacity on it could actually outweight a piece of gear of the same ilvl with other stats on it depending on which stats it is. I don't know the stat weights for instance but I'm pretty sure that skill speed is still not very good, and crit for instance is not that great since we can't get a number high enough for it to outweight DH, and DH isn't on our gear outside of melding. A piece of gear with det + tenacity for example might outweight a piece of gear with SS + crit or something along those lines. But we'd have to do some very precise maths to properly calculate that. Other than that, melding should go full DH, regardless of how much of the other stats your gear gives you (until maybe the point where crit will outweight DH of course).
Tenacity could become an excellent stat if the extra mitigation gets to a point where it can make you change your CD rotation or considerably reduce the strain on healers. Like, if we get to 20% mitigation from tenacity alone, you won't ever need tanking stance anymore and in fights where you already don't need it at all even without tenacity, you'll be able to use less CDs on busters, to use more of them on autos and stuff, and this can actually be enough extra-mitigation to give healers more room to DPS (on top of the fact that if tenacity reaches a point where it gives you 20% mitigation, it will also increase your damage by quite a big amount too, even if still a little bit less than other DPS stats). But before that point, it's completely meaningless. And we're quite far from it, but it could totally be a possibility in future patches when we reach higher ilvl. We can also consider the possibility that if tenacity reaches such a point of mitigation in the future, they'll actually take it into account when designing fights, requiring a certain number of tenacity in order to properly tank out of tanking stance. If they don't do that and tenacity eventually reaches that point, stacking it will ultimately end up trivializing all the tank busters and general tank incoming damage in future raids. Which would not be good design at all.
TL;DR, right now, tenacity isn't optimal, but not terribad either if you have it on your gear (unlike parry), it's far from being a dead stat and could become very powerful in the future depending on different factors that we don't know yet.


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