Smite and Reave being percent based is problematic. The skills get worse the better your gear. This is particularly true if stats don't improve the damage. The min/max play for paladin is to swap to gear without wisdom or +mana on it (assuming the same AC) after your remaining mana in combat gets below your base (naked) mana pool. I doubt people would do this but it illustrates the point. This is why WoW's percent based mana cost spells calculate from the base mana pool. Since nothing else is percent based in terms of mana gains and losses, having a large mana pool as a paladin will make clarity, bard song, canni etc. worse for them as they enlarge their mana pool. (they will enable fewer smites and therefore LoHs) Reave taking HP isn't nearly as bad, so as gear gets better SK will start to narrow the gap or pull ahead. But if reave is doing like 3% of the total DPS (very possible, esp in groups) and you're losing to the boss by small margins then concievably turning it off would allow you to kill something you couldn't with it on because it is essentially a DoT on you.
I think for now paladin still > SK when paired with a shaman or enchanter because of canni and theft of thought (ignoring how fast paladins level due to undead dps which makes pal superior for leveling in all cases) but if not paired with either of those classes then SK might be the better option. They gave paladins 6% better heals and monks 10% overhaste so I'm certainly still going PAL MNK SHM at launch and the HT improvements didn't sway me but SK is more tempting and I may swap to it in other trios.
