When Cataclysm launched the Retribution spec was alternately whacked with the nerf bat and boosted with the buffer. Eventually it settled down into a pretty solid damage machine.
I expect the same will happen when Mists of Pandaria launches, especially since that expansion will do a large scale remake of the talent system. Still, the new system should be much easier on the Devs, so maybe the swings from god-mode to doormat won't be quite so pronounced.
For a full Retribution Paladin guide you can hop over to GotWarcraft and get everything you need to know.
ElitistJerks also has a Ret. guide with all the usual number crunching and deep detail.
WoWpopular has a listing of popular Ret builds (and every other class,) including glyphs, gear, and more.