While there's been a lot of discussion regarding DRK's place at the moment, it all seems greatly unfocused (and I'm well aware of the irony of this thread's existence amidst that criticism). The problem here is that we have a lot of people looking at DRK from places and perspectives that aren't particularly important to the discussion of balance (for example, people talking about its abilities in 4 man dungeons as an indicator of DRK's strengths in upcoming endgame content are a big offender here). So before any of us continue, I feel it's important to establish exactly what is important to discuss here regarding DRK and its balance with the other tanking classes and the rest of the game.
DRK's role in a party
First and foremost, the Dark Knight is a tank. Which means that it's job is to control enemy aggression, and absorb and mitigate damage to ensure that the rest of the party can perform their roles. The DRK's viability in any group is predicated upon its ability to perform this role. Moreover, its value in this role is based upon not only its ability to perform this role to a bare minimum, but also its ability to do so without encroaching on the performance of others beyond an acceptable degree.
In other words, in pertaining to value, while a DRK might be able to barely clear a certain encounter, if a PLD or WAR can do the same without putting as much stress on their party, the PLD or WAR will always be a superior option, and DRK will be considered without value to a party, and avoided in all cases (WAR 2.0 syndrome). The exception here comes when DRK offers something that might be worth the trade off in efficiency from other classes.
In this case, the common argument might be for its (supposedly, although yet to be properly measured as far as I've checked) higher damage output as a main tank. However, if the extra work required by the other party members ends up exceeding the extra efficiency of the DRK's damage output, then once again, DRK is left in dispensable position. It does not matter how skilled the DRK is, or how well they're capable of optimizing their own performance; if the hard limits of the DRK as a class end up causing the rest of the party to have to make extra concessions for them, then the class is inherently without value.
This is not to say that teamwork should be discouraged, but rather additional teamwork without any additional benefit leaves zero incentive when presented with the existence of superior, less stressful alternatives.
Next comes the issue of usability. Should the DRK be lacking in the tools to complete any single fight that would be standard fair for a PLD or WAR, then either the class or the game itself is broken on a fundamental level, and absolutely must be corrected. That is to say, while there might be certain fights that prefer certain combinations of classes, there should be no single encounter where DRK is left unusable. If any class is to be considered unusable for any single encounter, it should be considered that they might as well be unusable for any and all encounters for the purpose of playability.
So, looking at the concerns for the balance of DRK as a class, there are a few things we need to considered:
1. Is it usable in all content? Can we take DRK into any given raid, trial, or dungeon, at any difficulty level, and have it function to a baseline level (baseline being completion)? If there is even a single instance where DRK is to be considered unusable for reaching this baseline level, then there is already a serious, glaring weakness with the class, or a serious, glaring issue with the design of the notable encounters themselves.
2. Does the DRK have the tools to complete content consistently without requiring more assistance than other classes sharing its roll might have? If not, does it have other unique utilities that make it worth the requirement of this extra assistance? If, even at the highest level of play, the DRK does not provide benefits worthy of the extra effort involved by the rest of its party in keeping it alive, then the DRK has no value in its role in comparison to its peers.
Of course, that's quite a mouthful, and doesn't even begin to cover the subject of off-tanking in much depth (something which, personally, I feel that DRK is even weaker at), but I feel that the above would be a good primer before beginning to actually make suggestions regarding the balance of the class.