TBH, I took out dmg shield in my build.
Damage shield was great in Naxx with the amount of trash that could just be AOEed down, as well as when 5 mans were still in our daily routine.
With most the two most commonly run raids being Ulduar and ToC right now, the days of multi add tanking seem to be gone. This might change with Icecrown but i havent seen the trash from PTR yet.
Ulduar had more CC involved, therefore you couldnt just AOE everything down. A lot also changed when damage shield didnt proc deep wounds. From a PvP standpoint, I could see why. Rogues could kill themselves and I would just laugh. ToC, well, no trash = boring = specing only from a boss standpoint.
SBV does come into factor on this, but unless youre stacking it for the sole purpose of only running 10 mans and heroics, Damage shield still seems like a point waster.
As I said, i no longer put points into it. I spec for progression and current 25 man raiding, and I for one dont see any advantage in using it. From a DPS standpoint, it might help, but in the long run, tank killers and hard enrage timers like in ToC take priority and I spec accordingly.
EDIT:
This is my current build
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