The formula you want to use to determine weapon performance is ((damage * 2) + (damage bonus))/delay.
This assumes the hit distribution is normal, which it approximately is for most mobs. High AC mobs change the skewness of the probability distribution to the left, while extremely low AC mobs change it to the right. Until Luclin there were very few examples of extremely high AC mobs.
TL;DR use ((damage * 2) + (damage bonus))/delay to determine relative weapon performance for mainhand.
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