your proc increased as well. it isn't a huge difference in the proc though. This for some reason is not shown in the upgrade window. you can easily go to: http://www.wowhead.com/item=79327 and see the various different procs. The item itself also changes in game
weapons do gain weapon dps, it clearly shows that in the upgrade menu
Yeah you are actually right the proc goes up by about 200str. I suppose the reason i didn't see that is because the Lei Shen's is 3200something proc and i just didn't think it through. I will still say that trinkets should probably not be your first in line to be upgraded anyway since that 200ish str won't be that high overall on a fight.
On my rogue I upgraded my 502 Daggers, because I probably won't get the Spiritsever 509 that soon (although Lei Shi H seems pretty simple). Next targets are trinkets (Darkmoon or Heroic Elegon one).
I'll probably do the same for my warrior once I've got a proper 2nd weapon (currently sitting with Starshatter NM/463 shit OR Scimitar LFR/463 shit ... so it depends on what I got after... Hoping for a 502 Elegion as that would seal the deal ).
For any melee class, weapons have always been the better upgrade you can have, so I don't see why not upgrade them first if you know you're gonna stick with them for a bit.
To people who did not read my post, before you go upgrading trinkets just remember that (unless there is a tooltip error) the proc does not become stronger and that passive stat bonus is not very high compared to almost every other item.
99% sure its a tooltip error. I've seen others showing or saying that their proc was upgraded. It wouldn't make sense otherwise.
Weapons are usually 1st choice, like others have said, but upgrading lfr weapons seems like a waste of valor. I'm in kind of similiar situation, or maybe even worse, as I have one normal Elegion and 463 1h axe. I'm definitely not upgrading any of them. So when I was deciding what to spend my VP points on I came to conclusion that Tier Helmet is good option, since it drops from Sha, which will be last HC boss I will kill. The other item for upgrade would be Relic of Xuen, since it seems to be BiS or very close to it. I don't have any other BiS HC items so these are best for me. For you it may be different pieces of gear but I wouldn't recommend upgrading those weapons. Just my view of it.