I've been doing some LFR lately on my pally and i've been item cheating to get in, I only have 355 item level equipped as it's a 372 min. to queue but I'm still able to be about middle of the dps out of 17 dps on most fights. My best place was 15.5k on hagara and I was 9th, I am still wearing 7 blue 346 pieces and using a 353 weapon.
I've played virtually every class with a dps spec and except for possibly a frost dk I have found ret. is one of the best performing specs with average equipment
just my thoughts, not comparing end game heroic or anything