DISCLAIMER: I am well aware this might be needed in order to balance DPS with all the interesting changes we've seen to the warrior class, but since I don't have the math to know if it's justified or not, I'll just compare the 2 talents individually.
One's a tier 5 and the other a tier 10 talent. Previously 2H Weapon Spec increased dmg by 1% per talent point up to a maximum of 5% while Blood Frenzy increased everyone's dmg by 2% per talent point up to a maximum of 4%.(Now it only increases dmg by 1% per talent point up to 2%.)
Even though the diference in tier rank would justify BF being more powerful, I think the need to have a crit on the target (or bothering to rend him) was a decent tradeoff. (+2% DPS if you crit or spend waste your rage on rend.)
For PVE, this will always be a nice buff to have since it buffs the whole raid, but as far as PVP and solo play goes most of the times it will be more useful to simply put all of your points into 2 Weapon Spec. as that will assure you the same dmg without having to worry about high resilience, bleed imunity or wasting rage on rend.
...and yes, I also know that with the new talent Taste For Blood, you'll want to have rend up at all times.
Well....looking forward to your opinions