After lurking the forums since 5.2, I wanted to chime in with my own observations and results.
Firstly,
here is my armory, and after testing several different reforge methods I have found the optimal way for myself. With 6,200~ haste and rest of the points in Mastery > Crit, I have achieved the best results.
Yesterday we killed Megaera-25 in 2 tries (almost one-shotted!). The first try I was the 3rd best DPS in the raid with 107k DPS and the first two spots were Balance Druid and Shadow Priest which I'm certain multi-dotted to
some extent (to increase their single target DPS with the procs). The 2nd try, which was the kill, I was in 5th spot with 109k DPS, although the 3rd and 4th spots had only around 300-500k more damage than me.
When I first saw the hotfix yesterday, I was angry just like most of you. However, after 2 days of trial and error, I have come to realization that the new Tigerseye Brew is
INSANELY GOOD and seperates the good Windwalkers from the decent. Being able to pool 20 stacks a bigger buff than any other we got in 5.2. If you are using Tigerseye Brew just as you get 10 stacks, you are doing wrong and
will have lower dps. I almost exclusively use my TB when I have trinket procs, during a Bloodlust, or when the boss has a special mechanic (such as Tortos having the 25% damage amplifying debuff on him). This itself makes or breaks the class. In short, if you mindlessly use your buff, you won't have good DPS at all.
Other than this, there is this topic of "Storm, Earth, and Fire". I'm sure many of you realized Skada (not sure about Recount, but WoL is correct) saves the damage of our spirits seperately, hence the DPS loss. Apart from this, is it a strong damage-cleave? No, it's not. But it has insane utility which none of the other melee cleave classes have. This spell has a huge 40 yard range, which allows us to act like a ranged multi-dotter. Imagine a fight where target change needs to be made every once in a while, and that target is far away. While other melee classes have to target change, losing DPS in the process, we can simply send a spirit over while we keep nuking the boss (preferably with a mouseover macro). This alone makes up for the lower damage increase. Other melee's can't cleave and has to target change, we don't. In short, SEF isn't your usual cleave, it's an amazing ranged utility multi-dot mechanic.
I'm hoping my observations make sense and some people will benefit from it (and hopefully I didn't forget something).