I think you guys are being too negative. Soul Reaper is a huge gain for our DPS and burst. The new rotation will just be:
Soul Reaper --> Howling Blast --> Necrotic Strike --> Frost Strike

Efficient rune usage, AE pressure, great burst. What more do you want? We still have the best array of defensive cooldowns and the easiest time of any melee staying on target.

Ret Paladins are a second to the DKs. I'm not sure how close they'll end up being but the ability to burst like they can plus all the passive healing they get is pretty damn good.