Example, BiS Velious shaman:
http://eq.magelo.com/profile/1387946
Example, BiS Luclin shaman:
http://eq.magelo.com/profile/1387950
Not my magelos just something I googled, but they seem pretty accurate for the most part.
There is about a 10% increase in HP and mana, but a massive increase in resists (nearly double) and mana regen.
So in general, I wouldn't call it a mudflation situation but to make it seem like Luclin gear is no big deal is inaccurate as well. Kunark to Velious was a much bigger gear change though, I'll agree with that.