What this question basically comes down to is how should I weigh importance of critical hit damage over other types of damage? For instance I found a new ring which gives my wizard more intelligence and thus the item display says roughly +1000 damage, however this ring does not have a bonus to critical hit damage, which my current ring (which I am considering replacing) does have.
If I want more damage what should I go with? Is the damage difference calculation portrayed accurate (i.e. does it factor in critical hit change and critical hit damage)?
Here's a screen shot of the two rings side-by-side.