I pulled the below from a "Bard Guide" I found on a site. Not sure I agree and wanted some thoughts from others here.
Hit (until capped) > Attack Power > Dexterity > Strength > Physical Critical Hit
So basically, the damage you deal is a direct relationship with your Attack Power. Increasing your Attack Power increases your damage, which ultimately increases your healing. Currently, Attack Power is calculated by 50% of your Dexterity and 50% of your Strength. Cadence is based off weapon DPS and Attack Power, so keep this in mind.
It seems to me the guide is dismissing Physical Crit. After reading that I thought well maybe Cadence does not ever crit. I ran ACT and sure enough it does.
Well, not directly related to bard but I'd been doing a little bit of napkin math for my sab rogue trying to work out stat weightings - all of my my math was related to my character's snapshot at the time, trying to figure out what change in AP would yield 1% more damage, as well as with crit (but I also factored in 20% more crit from assassination, so unless you took that as well crit will be worth 20% less than mine.) I rarely run with a bard, so for the 5% stat modifier Dex was given a modifier of 1.15 from talents and rounded up slightly (5.14 from math, rounded to 5.2) and Strength was left at 1. Dex was converted at a rate of .5 to AP and 1 to crit, and Strength was converted to .5 AP.
The numbers are worked out that having 100 points contributes 1% DPS.
Hit: 2.5 completely arbitrarily, mainly to keep it in line with other stats when evaluating gear.
Been working on getting a parser going and once I have easier to read data and not just jotting down numbers I'll work on getting more accurate numbers - please take these with a grain of salt and if they're wrong, I apologize. But just for simplification I tend to just assign Dex and AP a value of 2, and everything else a value of 1 when evaluating gear. If it looks like it's close or I feel that stats are being underweighed / overweighed I work it out further.