I've seen a 120k hit by the frostwyrm on pvp realm. Nasty shit. I don't think that rets damage is that much overtuned, it's quite manageable, but if you fuck up or ret plays good he may set you up for a 6 seconds kill
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It's nowhere close to wotlk rets, nightmares of bubblewinged blood elf running towards you... 5-8k crits against my mage... no more