Currently I gem mastery mainly =>
Mastery in yellows
Mastery / Parry in reds
Mastery / Stamina in blues
Mastery in prismatics
I've got 3 pieces of 359 items coming from raids, every other epic items coming from crafts or reputations.
With mastery elixir and food, with 1 mastery and 1 stamina trinket, I sit at 3250 or so mastery, reaching almost 65% block.
Combine that with miss / dodge / parry / raid buffs, I reach 95.33% avoidance / mitigation (7.07% away from the 102.4% cap).
The downside is that I am at 145K unbuff and 161K full buffed.
Now, my guild downed 8 / 12 normal mode (we have the 3 last bosses and ascendant council left) with me as the main tank on most fight, except on Maloriak where I tank the adds and Chimaeron where I tank only the double strikes.
The other tank is a druid, and before me were another druid and a warrior tank who left for various reasons.
The feeling of my main healer (pally) => "When do you start taking damage ?". Well he may have been joking but his final comment is that I take less damage now than any of the other tanks he healed, including a tank full focused on stamina he healed in a pick up raid with 165K health unbuff, on the same fight, same difficulty.
When I look at the recount data, I block something like 36-37% incoming melee damage.
On Chimaeron, I usually need the "immortality buff" once per fight for the double strikes, otherwise they never bring me down to 1 HP.
I haven't found an encounter yet where my "low health" (compared to other similarly geared tanks) is a problem. Aside from Chimaeron, I rarely get my interface warning me that I am below 35% health and I do not think it is solely due to my healers (well, Magmaw's chewing can be pretty rough if I do not have any cooldown up, but now that I rotate them properly, it isn't a problem anymore

).
So, if I were to draw conclusions out of this, I would say that mastery is one hell of a stat. Of course I did not try Nefarian or Cho'Gall yet, but I do not expect it to show much different data (maybe Nefarian since there is a lot of magical damage fro what I saw).
In a few weeks my guild will start the hard modes. The only thing I aim to change until then is to reach something like 150-155K unbuff, which should be doable with full 359 stuff. Maybe going to 2 stamina trinkets would be a good idea too
