From an average white/melee damage perspective with 2h's, assuming damage bonus is scaling, ratio is king. There are lure-line (or close to it) procs that even contribute to your damage against some raid targets or at least trash mobs along the way but in general ratio > all else.
Same goes for 1h except damage bonus has always been and will always be static per level. On that line of logic, in the high levels speed is king (eg: Soul Defiler) assuming ratio is fairly close or on par with the slower one. If you have a good proc though that's landing frequently weapons like the Sledge of Smashing are VERY capable (each landed proc is 4.66 dps and you have 2ppm on average).
With hybrids where the logic gets sticky is when casting is needed. Aggro spells shouldn't be weighed in the decision because if you're chain casting these your dps is the last thing a group or raid is considering. In terms of "survival mode" though often there is a lot of casting. Paladins have a HoT on a 1.5 sec cast time where as the SK's taps are much slower. While you won't "lose your swing" in that once you are done casting the melee cycle will have refreshed and you will take it the swings
between the start and stop of the casting time can be missed.
Really though, if you have access to the best of the best gear the most ideal scenario would be to do some parsing so you have objective data. Luckily my gear is garbage and I don't raid so I can just theorycraft to my delusional heart's content.
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