Few points I'd like to make...
1) Shred does not appear to break maim. The auto-attack that follows it does, but if you shred-shred real fast usually lag will allow me to get in 2 shreds. This usually involves proccing clearcasting on one of them, though.
2) Maim>Shred does not deal a whole lot of extra damage. However, if you wait until the last possible second to break maim, you come back with a lot more energy. For me, in solo, white damage makes up about 35% of my overall damage. Thus, you get a huge burst of damage for pausing during a time when you don't take damage. Maim allows you to get more damage done per damage taken. However, if an FB would kill the mob, you obviously get more from FB.
3) Maim does not waste all your energy like ferocious bite. If you come back from a stun/gouge/knockback, FB would not kill the mob, but he's got too little health to use rip (which happens a lot on mobs that can stun) you can use maim for the instant damage, maybe use the incapacitate effect, and then finish the mob a lot faster with shred and/or mangle.
4) Maim can work as an interrupt effect. A mob/player healing themselves really ruins your burst damage. When I was 62, I jumped a 65 druid, and by the time pounce wore off the druid was low enough to warrant popping out of form to use regrowth. After my maim + shred, all she could do is try to run away while applying rejuvination or lifebloom. Had I just used FB, she would have probably gotten regrowth off and been back in the fight.
5) Maim can be used to escape or as a psuedo CC. When I'm fighting 2 mobs, especially if one is a caster, sometimes I'll switch back and forth between the two, maiming one then fighting the other. Also, maim can allow you a head start if the fight is not going in your favor, or allow you to pop roots.
There's probably other uses, but in the 5 levels I've had maim that's what I've found.