Update as of 1.6.2: And I'm wrong... excuse me while Sheograth turns me into a cheese wheel for my friends to eat.
tldr: Critical Rating is not the same as Critical value.
extended: I've been reading folks getting worked up about the 12% weapon critical rating or 12% spell critical rating and I think I've even seen numbers like 10% + 12% = 22%. If this has been clarified or resolved, I haven't seen it. So I figure, here is the other side of that buff (and you'll probably be disappointed if you thought you had to grind it out).
Here's how I see it based on the information we have.
We have a base Critical value of 10% against targets our level.
At VR14, we have a Critical Rating of 2099 or so that gives us a 10% chance to crit against other VR14s or about 210 Critical Rating per percent.
7 pieces of Medium Armor with skill line passive, another 629 Weapon Critical Rating.
Fighter's Guild Expert Hunter slotted, another 2099 Weapon Critical Rating.
I have 4827 Weapon Critical Rating. That translates to a 23% Weapon Critical value that shows up on my UI. The Ritual's 30 point unlock for Perfect Strike (I may have the name wrong) says "Increases your Weapon Critical rating by 12%." Well, 12% of 4827 is about 529. 4827 + 529 = 5406 Weapon Critical Rating.
Divide 5406 by 210, I have about a 25.7% Weapon Critical value against a VR14 target. A difference of about 2.75%.
At level 3, you need 6 Critical Rating to get a 1% Critical value. And everything related to Critical Rating scales based on your level. So you're not gonna be breaking out of Coldharbour with "22% Crit chance" if you have enough CP. It's gonna look like 11.2% on your tool tip.
Anyhew, thought I would offer that other side of the coin, because I think I've been reading more 10% + 12% = 22% posts or the reaction seemed to be that way.