From what I have seen, the disease bonus is sizable. I didn't bother to actually run any tests, but it seems to be well worth it.
Without even considering the disease damage (one or two), you will be sacrificing one FU ability and one Blood Rune to apply the diseases. That FU ability, as Blood, will not be doing AoE damage. It also will not recieve a disease bonus, if it has one. For the sake of this argument, the remaining Frost or Unholy Rune will not be used.
On the first turn without diseases, you will get 2 BBs. The second turn will get 6. That is with 2 FU abilities (probably DS).
On the other hand, with diseases, you will get 1 PS and/or 1 IT, 1 Pest, 1 BB and 1 FU ability on the first turn. The second will give you 4 BBs and 1 FU ability. (If you use Glyph of Disease, that means the next one will also have 3 BBs instead of 2).
So, without thinking about the disease damage, it is basically the question of whether or not 5 buffed BBs will do more damage than 8 unbuffed ones, which is just under a 1.5 modifier with disease.
I think the numbers may be close, so the disease damage will probably tip it in favor of that one. The loss of one or two FUs in a AoE environment shouldn't be that bad.
And, like I said, Glyph of Disease means only losing those F and U runes on the first turn. After that, you will lose 1 BB every 20 seconds or so (the same as the normal disease rotation).
It could be good. I doubt as good as Unholy or Frost, but still pretty high.
[EDIT]
As Unholy, my BB with one disease was doing about 50% more than my BB without it. The diseases were ticking in the 275+ range. So Blood could expect something in the 200 range with my gear (tank gear, and horrible at that).
In crap gear, my BBs were averaging (not counting crits) about 375 range. Some went as low as 363, some as high as 407.
With one disease, they were doing 690 to 760, with a 710-730 being the average.
With two diseases, they were doing the same. Though, it SEEMED like I was critting way more. I don't know if that is chance or not, because I didn't record crits, so I can't compare the frequency. All I know is that nearly every use got 1-3 crits (and 3 wasn't THAT uncommon), with 16% crit.
I'd say it is probably best to spread diseases.
Edited, Apr 25th 2009 10:52pm by idiggory
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