Are you talking about for an exp group, a solo group, a raid? Healing or debuffing?
Not every shaman even agrees on this, but to me, AC > HP > Wis.
I carry diff gear and swap out to increase wis for the pre-raid buffing, but once raid starts, I need to live through it. That means sometimes drawing agro away from casters through root, blind, heals, etc. and living through summons / multi pulls / heal agro when you're healing the casters. You hope you won't draw agro off the tank, but if you're the only one doing malosi / slow / incap, you're prob going to get agro at some point. Depending on the mob, you may be summoned. AC will lower the damage you take from the hits, HP will let you take more of them, and you better be able to stand there and take the hits until the MA draws the mobs attention back to him.
If you play like a healer, and rarely get hit, you want Wis gear. If you always root mobs and dot from a distance, and rarely get hit, you want Wis gear. But you're really limiting your play options to just heal / buff / long distance damage if you go this route. A shaman can wear chain for a reason, and that's because you're made to take some damage and still be standing afterwards.
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