While I'm not Ret I did find myself curious on the answer to your question. Doing some looking into this I must admit I didn't find much. It looks as if Armor Penetration is not something to be ignored in the least, but that Haste seems to remain dominant when lined up side by side with Armor Pen.
The reason for this is because around 20-30% of Retadin damage is not physical, but magic damage. Because of this Armor Pen does less of an increase on DPS than it does for Rogue and Warriors.
Either way, it does effect ~75% of your damage positively, so it's not something to neglect if it's available to you.
Hope this helps.