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Haste is *not* situational though. Regardless of what mobs you are fighting, haste will *always* increase your DPS by the value of the haste. Thus, you should sacrifice almost anything for increased haste. Certainly, it's the biggest factor for increasing your DPS. There's *some* argument for reducing haste to increase AC/HP if you are a tank (it's really iffy in my opinion, but the argument can be made at least), but absolutely no argument for any DPS class to sacrifice haste for *anything*.
well there is, sort of.
as a monk, I could lose 15% haste without having any effective loss.
but, pre-haste cap (when you are grouping with chanters with saliks, you need 32% item haste only to cap) there is no reason to.