This post on Gray Matter has some pretty insightful thoughts about the much-maligned Hit stat. We've posted quite a few times about Hit with the various classes, and yet it's still fairly hard to get a handle on -- most people know their class has a "hit cap" that they have to reach to keep any of their swings or shots from missing, but other than that, they haven't really tangled with the stat much the way they might have some of the more core stats for their class. But Grey Matter argues that "Hit is sexy" -- despite the fact that, unlike other stats, Hit is required just to make your class do the right thing (rather than doing it better), Graylo still likes the idea, and actually likes the balance that Hit requires. No matter what ilvl your gear, you still need a certain amount of Hit on it, and the balancing job of keeping your hit cap met versus providing other stats on your gear is what Gray seems to like about Hit. While other stats just go up and up, Hit is the great limiter -- having more of it frees up space on other gear for more pressing stats, but you still have to balance out the pieces you wear to try and meet the cap.
To that extent, I agree. I do think that Hit is a relatively arbitrary stat (we know what it means in real life to be Stronger or have more Intelligence, but Hit is really just designed to keep game levels in line), but on the other hand, Gray's right -- because you need a certain amount of hit in your gear, it does become an interesting balancing game of "do I need this more powerful piece of gear, or this weaker piece of gear with some extra Hit on it?" It does a nice job of mixing things up as an endgame-balancing mechanic.