I'm currently in the pitiful situation, that I was "lucky" enough to win some LFR set tokens, which in itself would be great, if I didn't already have higher item level gear on those slots. Specifically I'm talking about LFR set shoulders and chest vs. Spaulders of the Emperor's Rage (489) and Chestplate of the Forbidden Tower (496).
Obviously there are many things to consider when making such a decision, and although I'm currently not raiding on a very high level I'm still always trying to min/max my gear.
What it boils down to is this:
Is the 4P Set Bonus worth more than higher item level gear. (Keep in mind that it has been buffed to 2 seconds off of the holy shock cooldown)
I did not find any theorycrafting about this, though I am aware of the implications of being able to cast more Holy Shocks: generating HP faster, thus having "more" crits, thus getting more Infusion of Light and so forth.
Following are the Wowhead item comparisons I made with the respective reforge, gemming and enchanting.
Now, are the respective stat gains/losses worth getting the 4P?
I hope you have all the information you need to help I out, which I would very much appreciate.