Bump, and some thoughts (sorry Spika, this is not much of a response to your question, I'll have to defer to those with experience for something substantive on that)....
As GoedelOnNathrezim's post suggests, the damage tradeoff in general terms between heavy fire and frost builds is not as great as you might think, and in circumstances, frost gives better DPS. On the other hand, my belief is that the tradeoff in survivability talents (esp. PVE) is quite significant - as Spika and others have indicated, frost is usually better on that note (thought both have access to blink, frostnova, etc obviously). Personally, I'd have a hard time going back to heavy fire and give up Ice block, ice barrier, cold snap, the chill and frost effects, and the various improvements for frost nova and other key spells.
True, for raiding your DPS will be greatly lowered because of the immunity to frostbite/freeze effects; but keep in mind that, in general, you'll encounter more fire-resistant than frost-resistant mobs and bosses (esp. in the 'old' content, though maybe less so now). Also, as pointed out, frost tends to be more mana efficient, which is good for soloing and raiding. One last general observation - fire tends to give better burst damage (eg, pyro), which actually is a bad thing in most raid situations (except when you're trying to finish a boss off and don't care too much about aggro). Certainly, some fire mages argue that fire-based raiding is more challenging, and therefore requires more 'skill' to play. But that supports my point - in general, fire offers less survivability, and is more challenging.
That said, I've played both heavy frost and heavy fire builds, and heavy fire is undeniably a lot of fun. And it all depends on your play style - no one can tell you that only fire or only frost is viable for raiding or anything else. Fire does give you more of that 'heavy DPS' feel that most associate with the mage class.
Spika - I've never played arcane-heavy builds, so I'd defer to someone who knows what they're talking about, but my sense was that deep arcane builds (and "3-minute mage" arcane/fire builds) were PVP builds. Not to suggest that some arcane talents aren't great for raiding and solo PVE (like arcane concentration), but overall the sense I get is that in PVE you'd get more out of shifting those points to fire or frost. But hey, it depends on playstyle I suppose. I personally don't rely much on arcane missiles, arcane explosion, arcane blast, or most other arcane combat spells (except for poly, of course) when fighting mobs.