For single target with appropriate traits:
Haste > Crit > Mastery = Versatility
Crit: gives a chance for your attacks to do double damage and your Auto Attacks that crit give 30% more rage.
Versatility: increases the damage you do and reduces the damage you take.
Multi target situations tend to favor Mastery more, although it depends a lot on the situation.
The best way to calculate stat priorities for your character is to "sim" your characterFind out how to sim
All of the races are close in DPS so don’t worry about it, but Lightforged Draenei sims best, and Undead for Horde.
Gale-Force Striking is usually the best option for Arms.
When it comes to ring enchants just go for what sims best for you, probably haste (Enchant Ring - Pact of Haste).
When it comes to gems just go for what sims best for you, probably haste (Quick Owlseye).
Flask: Flask of the Undertow.