Haste doesn't reduce delay on a 1:1 ratio. It doesn't technically reduce delay but rather speeds up swings per second and whatnot. However, the formula does have the effect of reducing delay. The formula i have always found was tobe 75% of listed haste %.
For example, Dirk Dunderhead wielding the mithril 2h (21/40) at 31% haste the delay would be:
31*.75 = .2325, so reduce the 40 delay by that .2325. Therefore 40*.7675=30.7, round to 31...In this scenario, you can figure its a 21dmg/ 40 delay weapon, which is .525 ratio (not too shabby)....
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Hmm, both formulae end up resulting very close, i still prefer mine....