Paladin Retribution

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Current observations:
The melee crit cap is currently 71.2% - this number assumes you are already hit/expertise capped. Due to the nature of paladins, it is almost impossible at this time to reach the melee crit cap (rogues and warriors do have to worry about this though). Melee specials, such as Judgement and CS, are immune to crit capping; their crit cap is 100%.
Glancing blows are a part of melee combat and cannot be avoided. Glancing blows happen 24% of the time and cannot be critical hits; as retribution, only auto-attacks (whites) are subject to glancing blows.
Our specials are based on a 2 roll system, our normal (autoswings) are a one roll system. SoV dot applications are still based on the 2 roll system, so this is still valid.
You need 8%, not the BC 9%, to be 2H melee hitcapped vs skull level mobs (bosses).
You (still) need 26 expertise (6.50%) to be expertise capped, not the 6.25% reported lately.
All melee classes seem to suffer a 4.8% crit suppression vs skull mobs; this means that your melee critrate will be on average 1.8% lower than your character sheet implies (HotC covers 3% of this, procs from librams and such not accounted for).
All spell attacks have a 3% crit suppression vs bosses. Because of HotC, we do not notice this at all; also only exorcism and holy wrath are affected by this.
The spell hit cap is still 17% - the only skills we have that are affected by this are exorcism, holy wrath, and consecrate ticks - so this is of little importance to us.

The Basic Rotation..

Basic clash resolution is as follows: HoW > Judgement > CS > DS > Consecration > Exorcism > Holy Wrath
At T10 levels of gear, Judgement > DS > CS > HoW > Consecrate > Exorcism > Holy Wrath is theorized to be the most dps.
For modified clash resolutions, see below.

After many months of facerolling, sadly not much has changed and we still use FCFS (First Come First Serve) as our "rotation". What this means is basically that it is better to hit a dps skill that is off cooldown - any skill - rather than wait a second for a certain skill to be ready. In the event that multiple skills are off cooldown, use the clash resolution above to prioritize what to use first; these are sorted by DPS, not Damage per Cast.

..and why..

1. Judgement - Hardest hitter, returns mana, can't go wrong with this as your top priority.
2. DS - DS only pulls ahead of CS with 2pcT10 equipped, as its' effective cooldown drops to 6 seconds, and it hits much harder than CS does.
3. CS - Because of the short CD and ability to proc a seal, you want to keep this on cooldown as much as possible.
4. HoW - This skill only comes into play when a mob is at 20%; it then becomes high priority due to it's extremely high crit rate and fairly short CD.
5. Consecration - Consecration moves near the top of the pile only against multiple (4+) adds.
6. Exorcism - It hits hard, but because of it's somewhat long cooldown (15s) and reliance on spellhit, it isn't great dps. Do not use this on a pull because it will not be instant cast, and will delay entering melee combat.
7. Holy Wrath - Only effective against multiple (6+) demons/undead, you are better off using your free GCD casting DP or a SS on someone. This is as close to a mana dump skill as we have.

Addendum

Lately our sets have had the ability to alter our resolution system. There are several different scenarios in 3.3, these only apply if set bonuses are equipped.

If you have 2pc T9 equipped your best clash resolution is: Judgement > HoW > CS > DS > Consecrate > Exorcism > Holy Wrath.

If you have 2pc T9 AND 2pc T10 equipped, your best resolution is: Judgement > DS > HoW > CS > Consecrate > Exorcism > Holy Wrath

If you have 4pc T10 equipped, your best clash resolution is: Judgement > DS > CS > HoW > Consecrate > Exorcism > Holy Wrath

Remember that no matter what priority system you pick and use, we're still bound to FCFS. Roll dat face hard!

Stats

(In order of importance!)
If you are looking for stat weightings I suggest you use one of the spreadsheets at the top, as they vary greatly depending on your current gear.

Hit See Observations
32.8 rating gives you 1% hit. At level 80, we require 263 hit rating, or 8%, to be hit capped on white swings, specials, and judgements. Note that Exorcism and Consecration are considered spells and use the spell hit table, thus we can still miss with these abilities. You need to be hitcapped in order to get your maximum dps. Hitcapping is extremely easy with gear alone and shouldn't be gemmed or enchanted for.

Strength
Our DPS stat to stack after the hitcap, as we have various talents that multiply it's effect. 1 STR gives you 2 AP baseline, multiplied by 1.15 from Divine Strength (Tier 1 Prot) giving us 2.3 AP per STR when specced. This number is further affected by buffs such as BoK. STR also increases the strength of our utility spells such as SS via talents, and SoV triple dips on STR. It is recommended that you gem all STR after you are hitcapped.

Expertise
Introduced in late BC, this stat allows us to completely remove dodges from the attack table - you cannot realistically fully remove parries from the table, but you only get parried from the front, so don't attack bosses from the front! 8.2 rating gives 1 expertise; you need 214 expertise rating (26 expertise, 6.5%) to reach the cap. If you are a human using a sword/mace you need 23 expertise (189 rating), and if you are a dwarf using a mace you need 21 expertise (173 rating) to reach the cap due to racials. Capping this stat is a significant dps increase vs uncapped (or none at all) as it affects our whites and strikes. You ideally want to cap this stat alongside hit in order to maximize your dps and this is possible in 3.2/3.3 with the amount of expertise on gear. Anything over the cap is utterly worthless and wasted itemization points. Do not gem for expertise, let it come naturally with gear or glyphs (see glyph section).

Crit See Observations
We are quite reliant on critical strikes to do damage. You can never really have too much crit, but it is not worth gemming for it, gem for STR instead. You need 45.9 crit rating to gain 1% crit at 80. This stat gains no benefits from raid buffs, but you get more per itemization point from crit than you do AGI. This stat also increases your spell crit rating, making it flat out superior to AGI.

Agility
We need 52.08 agility to gain 1% melee crit. Like stated before, crit is flat out better, however AGI does scale with raid buffs such as BoK where crit does not. Often found on leather, mail, or sometimes weapons, but not on plate.

Haste
Haste received some buffs in 3.1; namely for paladins we get 30% more haste from each rating point. Haste increases white damage and SoV damage by giving you a few more attacks against a boss; haste does NOT decrease the GCD on our strikes/judgements, but slightly decreases spell GCD (cons, exo). You will find plenty of it on our sets and pieces, don't enchant or gem for it. You need 32.7 baseline haste rating to gain 1% haste at 80, but adjusted with the 3.1 changes paladins require 25.2 haste rating for 1% haste. Despite all these buffs for haste, it still isn't a great stat for ret and should not be stacked or specifically aimed for.

Attack Power
Most of our skills scale off AP, but this stat is bottom of the melee barrel (about tied with ArP) - STR is just so much better. AP isn't really seen on plate (so you often don't have to worry about this) but you will run into it if you dip into leather and mail. Note that despite AP having a 2:1 item stat budget, it is still far weaker than STR as we have no talents that boost it's effect. When comparing or considering pieces with AP vs plate, you need to look at the item stats/level as a whole.

Armor Penetration
ArP only affects about 35% of our damage, making it our least desired stat. 13.8 rating now gives you 1% armor piercing; unlike BC, you can no longer fully ignore boss or player armor via this stat. ArPen does NOT increase damage done by seals or judgements, just white damage, CS and DS.

Spellpower
Bad item stat for us. Spellpower increases some of our skills' coefficients, but at a rate much slower than STR/AP, and does nothing for our white damage and instant melee strikes - CS and DS gain nothing from spellpower. Avoid this stat (easy to do, since none of our ret gear has spellpower).

Intellect
As of 3.1, INT sucks due to JotW/SA changes. 1 INT gives you 15 mana and a negligible amount of spell crit; you need 166 INT to gain 1% spellcrit. INT will increase the mana you get from DP, and your total mana pool, nothing else. You will only find int on hunter/enh shaman gear and it is rare to find a piece of mail better than plate/leather. INT is not a ret stat.

Stamina, Armor
Ultimately, stam does nothing more than keep you alive in situations where there is raid damage, and in wrath there is a lot of raid damage. Most of the damage is magic (not mitigated by armor) therefor armor class does not matter to us, as we have no Armored to the Teeth talents like warriors or deathknights. You'll find all the stam you need and much much more on all wrath gear.

Tools and faqs

Q: Is there a tool to calculate my DPS using a certain gear/spec setup? Or what item will be better for me?
A: Yes, Rawr, Redcape's Calculator, and Bellator's spreadsheet (updated by Exemplar) which much like this thread will improve in accuracy with time. Note that gear upgrades from all 3 tools are mostly dependent on your current gear.

Q: What seal for PvE? And for PvP?
A: With blood removed, Seal of Vengeance(Corruption) is now our sustained pve dps seal. For mobs that die in under 12 seconds (trash), you may want to use SoR or SoC due to the DoT ramp-up time of SoV. SoC is a good cleave seal, perhaps for things like Anub's adds.

Q: What does weapon speed do to us? Do we want slow or fast?
A: We still want slow. Every .1 speed slower is equal to ~20 DPS due to Seals and Judgements not being normalized to weapon speeds.

Q: What weapon enchant?
A: Scroll down to the enchant section, it explains berserking a bit more...

Q: Should I use a fast 1h weapon to stack SoV quicker? What about libram swapping?
A: No. Switching weapons and librams is always a dps loss.