Attack speed

Attack speed is something of a misnomer. It would normally be thought, based only on the use of the word speed, that a high number for attack speed would be better than a low number. Actually, it would be more understandable if it was called attack delay, or delay between attacks. Essentially, it can be considered as the "cooldown" between attacks by the given weapon. It is determined by the weapon you wield and (if applicable) enchantments on said weapon.

Bows, guns, and crossbows will have their speed slightly increased by a quiver or ammo pouch you might use.

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Attack speed calculation

Attack_speed = "current attack speed" / ("Percent increase or decrease" / 100 + 1 )

You must apply this formula for each speed buff you apply.

Example: Weapon speed = 1.8; Slice and Dice = 30%; Blade Flurry = 20%; JuJu Flurry = 3%

Attack_speed = 1.8 / ( 30 / 100 + 1 ) = 1.3846

Attack_speed = 1.3846 / ( 20 / 100 + 1 ) = 1.1538

Attack_speed = 1.1538 / ( 3 / 100 + 1 ) = 1.1202

So with all 3 speed buffs going my attack speed is now 1.1202

Note: I've noticed that Blizzard rounds from 4 digits back.

Interesting enough with how Blizzard has it the more attack speed buffs you have the more of an increase they provide; in this example it provides almost a 60% increase in speed and as you can see 30% + 20% + 3% = 53% not 60%

If you flip the numerator and denominator, you get your number of attacks per second, meaning that a percentage increase in attack speed has the final result of increasing your damage per second by the same percentage, along with an added bonus of increasing the number of ability procs (from weapons or skills and talents like Improved Aspect of the Hawk).