It's well worth getting, generally considered the best all around gear from level 60 to at least 90. No one set is best for everything all the time, so you might change items for special circumstances, like adding more block or school specific resist for certain bosses.
btw - Critical rating is not very important for most situations.
Hello beedubyah, If you could tell me what school you are, I can give you links to the stats. Generally speaking, though, Waterworks gear is worth your time. It's very good gear that can last you for many levels. Best of luck!
The waterworks gear is worth it because it gives you good stats without sacrificing others. I don't know what school you are so I can't tell you specific stats but it's good for all schools until level 90. Tara