It depends greatly on what you are wanting to accomplish. The "DPS" that is shown on the weapon is calculated based on the min, max, attacks per second and other damage modifiers on the weapon.
That is strictly a DPS value.
When you are looking at abilities and they say:
Does X% weapon damage.
That means it will do X% of your weapon damage. Your weapon damage is calculated based on the min, max, primary attribute and a few other modifiers. The key is, Attack speed is not used for this calculation.
When you are trying to figure out how much damage a specific ability will do, the "Damage" that you see on your character sheet is not the correct value you should be using. "Damage" on the character sheet is actually DPS with tons of other variables.
For builds that focus on burst damage, high min-max weapons are good. Because your initial hits are going to hit even harder.
For any thing else, you just need to make a decision based on the skills you are using, your "on hit" abilities, primary resource regeneration... etc. This decision is very build and gear dependent.