You cannot really say there is a best spec for a paladin, because all three shine in different locations, and all, with the exception of ret, are really viable at level 70, raid encounters. Ret, at the time being, is not very good dps in long raid encounters, unless the paladin is able to keep their own mana pool up (i think.) Holy and Prot pallies are almost required throughout T5 to T6 content. For example, the Morogrim Tidewalker encounter is plenty easier with a single, or even two, Prot pallies picking up the murlocs, rather than have all your ferals/prot warriors remain in tank gear and do rather shitty dps and have a difficult time picking up the murlocs. Holy paladins, aswell, are almost necessary in 25 man raids. This is because they provide good buffs, auras which are beneficial to certain groups, and do reasonably good healing, provided they are equally geared to the rest of the healers. This is not to say that Ret is a completely useless spec. Ret really shines for leveling and in Karazhan. Everything in Kara is either undead, or a demon, (with a few exceptions), thus a ret pally does ass loads of damage! On top of this, Ret does really well in Arenas, when teams are designed to burn down one target reasonably fast, a ret pally is something you want to get your hands on.