Just mentioning briefly that Parry very likely has diminishing returns, just like Critical Hit Rate.
All of the evidence I've seen so far say "13 Parry stat = 1% parry chance" or "29 Parry stat = 1% parry chance", but only give two data points (i.e. naked vs full parry gear available) - before posting your linear rate, please run a parse with half your max additional parry also.
If that's anything like Crit Rate, it'll give much larger increases at first, dropping off as you stack more and more.
Came to this thread as I've nearly geared my WAR for 2.2 content and was hoping to find some good math. Even if a few people posted their data with different amounts of parry we could collate a multi-point data set and get a bit more insight.
I ran Crit Rate parses at three data points today, adding two more then posting the results in the healer forum tomorrow, after hopefully establishing a decent polynomial fit. Not sure if this'll be the same for attacks as it is for heals, so was planning on doing 3+ data points on BRD to confirm either way. Guess parry testing's next!
Initial guess if diminishing returns: Acc cap then parry's worth stacking up to 20-25% parry rate, then other secondary stats start to win.
If not: get to Acc cap and Parry away!
Also, re: DamageTaken decrease versus DPS increase,
Arbitrarily assume you can tweak your parry spec such that you mitigate 2% more damage.
This can be equated to increasing your DPS such that the boss dies early enough that his total damage to the tank is 98% of what it would have been in your mitigation build.
If we can assume for most fights that the boss's rotation repeats often and is fairly smooth (i.e. not just a huge spike every 3 minutes, in which case you just want to kill it before the mega ability makes its n+1th appearance), taking the boss's average DPS on the tank is a decent approximation. To take 98% damage with constant boss DPS, you need to decrease the time the boss is alive (and thus doing damage) to 98% of the fight length in mitigation gear.
As an example, take a boss that has 1 million HP, killed in 10 minutes (600 secs) - party DPS is 1666.67.
To kill him in 588 secs (98% of the time) you'll need 1700.68 DPS, which is an increase of 33ish DPS that you'd need to obtain to equal the benefit of 2% straight mitigation.
Obviously that's just an arbitrary example, but it's somewhat close to the DPS requirements of nu-coil, so isn't too far-fetched.
Clearly fight-specific mechanics aren't taken into account here, but it's the best guess we can make for general gameplay.
If someone can parse their next T6/7/8 run to give some real numbers it'd be more insightful, but using this as a fairly broad approximation, if Parry scales linearly and Casper's numbers are right, [13 Parry = 1% parry chance = 0.23% mitigation for WAR], it's gonna be way easier to get 2% mitigation (around 115 parry) than 33 extra DPS...