Your rotation is as important as mana regeneration.
If you are not using Mind Blast every time it's available, while target is afflicted by Vampiric Touch, then you will run out of mana very quickly. I usually can cast that twice before VT expires. Also, use Mind Flay or a wand instead of Pain during small fights, and that will save you some mana.
The Glyph of Shadow looks really good, but I have one more level before I can use it. It will give you the "spirit buff" every time you critical hit, which increases damage and mana regeneration.
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I wouldn't suggest stacking it until somebody has mathematically proven it to be more beneficial than other stats in more than 50% of the cases, but I wouldn't let it go out of my way either - like Sederix pointed out, the more haste you have the more Mind Flays you will get off in the same time, which DOES eventually lead to a solid amount of extra damage.
Haste always works: 1% haste is always 1% DPS increase. Critical hits are sporadic, so there is no reason to believe that one will actually do it consistently enough to justify not stacking haste.
I would still be interested in seeing a comparison between a
high critical rating and haste. One would not even need to try the same test with haste; just show some numbers based on a high critical chance, then we can estimate how much haste that might equal.
Somewhere, I have the formula for finding the damage increased, based on critical chance. You'll need to calculate the total number of hits; the number of critical hits, and the number of non-criticals. Then, determine the damage for each set.
Edited, Feb 9th 2009 2:03pm by sederix