I'm a believer in the idea that you don't have to do much to make significant power-level changes. While ret may be hurting now (and has been hurting as an end-game spec basically forever), a massive overhaul of the spec is probably unnecessary, and player-produced 'talent tree revisions' that just make every single talent slightly or substantially better are a very out-of-control way to approach improvements. A few strategic improvements that clarify and reinforce the role of a ret paladin could be much more effective (and less potentially unbalancing) than ham-fisted attempts to improve the tree by simply making everything in it better. Increasing synergy within the tree might also be nice; there's a sort of vague focus on crits, but there's no clear emergent style or synergy like there are in our other two trees. (Holy says 'crit your heals', prot says 'get wailed on'. And those are hardly the two best-designed trees in the game, although they're pretty good.)
As a no-time ret paladin, and one who has never hardly worked with them (my tendency to wind up with warrior tanks and my status as a holy pally tends to edge them out of groups), it's hard for me to say exactly what ret needs; it'd all be theory, and not very informed theory at that, since all my experience with the end game is secondhand and incomplete. It sounds like many the more informed ret paladins don't want a straight DPS increase as much as they want things like threat reduction and raid utility.
When the prot tree got some nice things in 2.1, I didn't leave holy for it - partially because I have a reliable tank around and I don't have a reliable healer around, but also because I genuinely enjoy healing, at least for now. The idea of a more widely-accepted ret tree appeals to me not because I have any interest in speccing into it now (unless they make it -very- interesting), but because I like the idea of having options should I ever tire of healing. (I love doing groups, and I don't want to have a spec that makes people resent me in groups.)
What do you ret pallies and aspiring ret pallies think? What's your spec need to get a bit of respect?