I love how paper dps is meaningless for real now. My WD is 570 or so dps, and can do T6. I was doing some T3 with some buddies recently that don't realize how undergeared they really were. They were bragging about 1.7m dps and such, but they're toast in t6. Toughness and damage reduction is critical at higher levels. I use the dog passive and my UK searpant for over 40% damage reduction.
I think the WD paperdoll DPS is a farce, especially with how the builds work. It doesn't really rely on how much damage you can do, as much as how much damage your pets do + your ability to spam soul harvest (if you have the Jade set), neither of which is accounted for in sheet DPS.
I don't even look at mine anymore, as it doesn't matter. I look directly at stats that improve my build. Thinks like Tasker and Theo greatly improves your actual damage output, but doesn't get put on the sheet dps. Nor does MoJ. And then you add in elemental and elite damage increases, along with cool down reduction and mana regeneration.
For a pure "auto attacK" type of character, such as monk, sheet dps is a good indication of how much damage they can output, even wizard is decent. But, WD remains the class that is a wild card. I remember seeing guys with low DPS 0 dogs build dominating people before RoS.