Not really, no. In mid-T5 both 2/48/11 (Fireballx9 Scorch) and 40/0/21 (2pT5 with ABx3 Fboltx2) are sitting at about 2000dps, and without 2pT5 it's not even a competition, Fire wins. By the time you're in T6, Fire is a full 200dps ahead, and unlike Frost isn't completely messed over by any pushback that happens (and if any pushback happens for frost, it's a damage loss not only due to the pushback but the possibility of the AB debuff dropping off).
EDIT: And that's completely ignoring the *massive* synergy between trinkets, Bloodlust/IV, and Molten Fury. Molten Fury alone boosts a fire mage's damage by a huge amount, making it pull even farther ahead of any combination of frost.
EDIT2: Found a new, updated simulator for mages, it's putting Frost at about 200dps below Fire at mid-T5 content levels, with the margin growing rapidly until you can get 4pT6 with 2pT5 (AB/Frost rotations), at which point fire still pulls out ahead. Plus it appears AB rotations are completely ****** anywho on the PTR, which basically means Frost is ****** as a result.
Edited, Feb 22nd 2008 3:38pm by lsfreak