For those not keeping up on this stuff, Fate is supposed to affect your critical hit chances, power regen and morale regen (in combat). Currently, it's "broken" in that the power regen modifier of Fate is about nil. According to this thread, a point of Fate is currently worth somewhere in the neighborhood of .004 power regen per tick in combat.
This has been a big deal for Captains because the class already has some major power issues, primarily that some of our skills take a set percentage of power to cast rather than a static number. So a larger Will pool does little (5% is 5%) and Fate isn't getting it back quicker. However, towards the current end of the thread, we got this tidbit from a Turbine rep:
Zombie Columbus wrote:
Let me just say: Don't burn all your Fate gear by month 1, you'll be sad. Not as sad as Minstrels that do so, but still sad. Your Character sheet will also have some functionality that will make it very easy to see how your Fate changes regen and crit.