Diablo – care about bleed damage

Equipment selection is dependent upon personal preference and intended usage. The monk's primary attack attribute is Dexterity.

Relevant information can be found in this question, but essentially each stat has a use outside of damage calculation:

• Dextertity = Dodge
• Strength = Armor
• Vitality = Health
• Intelliegence = Resistances

Elemental attack stats are useful if you can discern enemy elemental affinity.

Other stats to be concerned about are Money Find and Rare Find which are useful for farming cash or rare equips/components respectively.

Attack rate increases your DPS, but more importantly it decreases the amount of time between attacks which is important for attacks with effects like stunning the enemy for example.

Health for each kill or health from orbs increases will serve to keep you healthy.

XP bonuses from kills will help you level faster.

Spirit regen is useful if you use your abilities a lot.

Movement speed is extremely useful for attacking and exploring and running away.

Straight damage or armor increases are very straightforward to understand and can be compared mostly straight across against primary attack stat and Strength for the most part.

Subjective opinion to follow:

Personally, I don't worry about it too much. I try to boost magic or money find as much as possible in order to find better base stat equipment and/or materials. As far as other stats, my personal preference is to boost Dex because it boosts both attack and evasion. I try to raise my attack whenever possible because if you kill the enemies before they hit you, your defense wasn't really helping. I also like to keep some movement speed boost on because it is extremely useful.

For the Critical Mass passive, what is meant by the "chance" is that it is determined by the proc coefficient of the spell you cast. Single target spells have 100% "chance" to reduce the cooldown by 1 second while AOE spells have differing sets of proc coefficents by spell AND rune. There's a few sites that break down proc coefficents of various spells which applies to crit chance as well as return on LOH. Here, and here. Luckily people with more patience than me seem to have most spells crit proc chance figured out.

Some useful proc chances for popular wizard spells:

Hydra: 0%, Hydras never proc
Magic Missile / Seeker: 100%
Shock Pulse / Piercing Orb: 25% per target hit
Blizzard / Snowbound: 2% per tick per target hit
Energy Twister / Wicked Wind: 10% per tick per target 
Explosive Blast / Chain Reaction: 11% per target hit per explosive (of 3)

I've recently been trying the Windup Wizard/CM build which still seems pretty effective, and a bit silly (in fact it was the easiest way for me to beat inferno Ghom). From personal experience I've found that on my wizard, when I run over 40% crit chance while using a build like windup wizard, everything is off cooldown pretty much all the time.