Yes it's another thread about this: http://www.simulationcraft.org/430/Raid_T12H.html
Balance is way down the bottom for single target on that chart and I think we can all agree that our Single target DPS isn't all that great, however, it's not quite as bad as this chart claims.
If you dig a little deeper into what the person who did that sim has done, you'll quickly notice he is using the wrong items for his "BiS" set up, he's using 3 wrong gems and he hasn't used the JC gems at all, even though he's selected Jewerlcrafter. He is trying to gear for the 2636 haste break point, using the sinestra cloak and a 378 ring... but hasn't selected DI in the buffs section and doesn't even reach 2636 haste because he isn't using DMC:V.
Using http://chardev.org/?profile=267819 this profile of gear, and all other settings the same as his simulation I come out with: 34,485dps which is still a marginal gain.
And on a side note, using http://chardev.org/?profile=267816 this profile with DI, and all other settings the same as his simulation I come out with: 35,595dps.
TLDR: The simcraft guy used the wrong gear/gems and it skewed his results slightly. I'm sure if other specs dig deeper too they'll find stuff wrong too.
Adding: Use wrathcalcs!