Well I have started doing some Heroics on my huntard just for fun. Last night I grouped with a PuG for H-VH (quick and pretty easy). We had a Lock in the group who commented on my level 70 gear, said it's not good enough and quit the group. I was pretty shocked at the time, I know my gear aint the best at the moment but realistically it's end-game level 70 gear and I havent seen many upgrades yet (havent been looking too much either).
I made a comment about him being 'heterosexually challenged', laughed, got a DK in to replace him and then finished the instance quick smart. The group were impressed with my DPS and even laughed at the idiot for quitting the group and then asked me to continue doind heroics with them, although not the highest I still pumped out nearly 1500 dps. I know I have a lot of improvement to go but it's not too slack for my 2nd heroic.
Gear does make a huge difference but it surprises me that people think it is the be-all-and-end-all. Just because someone doesnt have the best gear doesnt mean they cant be full of win!
So my calculation is as follows:
(Player X Gear) % Π