With all the love for my priest-y buddies... but because I keep getting questions about this I thought I'd share.
First of all the link Taree posted for http://howtopriest.com/ is honestly the best priest site out there
Stat Priorities (PVE)
It depends on what you're doing PvE vs PvP and your 100 talent choice.
Clarity of Power
Crit > Haste > Multi > Vers > Mastery
Haste > Crit > Multi > Vers > Mastery
Just.. go respec right now. Don't use this. With the nerfs to Devouring Plague it's just all sorts of not worth it.
Stat Priorities (PVP)
Vers > Haste > Mastery > Crit > Multi