Deep Frost is a great build, offering viability for PvE, PvP and raids, but you don't need to, and shouldn't, place all 61 points into it.
This build, 2/0/58, offers just that and also allows you to AoE grind while levelling, if you're interested in that. This is the build I use, at least for now. It leaves a point free; save it for Wrath of the Lich King. =P Or put it into Arcane Focus.
Frost Warding isn't a bad talent, but the reality is that there are much, much, much better ones. Same with Frozen Core (edit: if you had placed points into those talents anyway, you would've had to sacrifice points from the other, vastly superior, Frost talents). It's because of AoE grinding why Frostbite was removed as well; you simply can't do it even with Rank 1 of that talent. Arcane Subtlety is a great talent; less resists is always worth it.
If you aren't going to AoE grind and you want Frostbite (which is outside of AoE grinding an awesome talent, especially in PvP) or you hit 70 (and thus don't need to level anymore), get rid of Improved Blizzard and put the points into Frostbite.
If you want go to a little into Arcane for Clearcasting,
you may want to try this. Permafrost is useful, but you can live without it. Same with Winter's Chill; that talent only sees its ultimate usefulness in raids anyway. At least you still get the key Frost talents.
Edited, Mar 6th 2008 9:16am by PsydonX