The set bonus also has a 5% mana tax along with the 5% additional damage. I am raiding now with 40/0/21 and I'm going to go with:
http://wotlk.wowhead.com/?talent=oZcEcbRhIuVubhst0h
That is only pre-wrath. I would really like to go back to arcane, but my testing on the PTR showed Fire to work best for me. Hot Streak is proccing often and I have enough spell hit with my gear to not have to waste points in frost getting to elemental precision or even further down to icy veins. Hopefully some changes will be made to the Arcane tree to make it viable for me.
If you aren't hit capped with gear you could go with:
http://wotlk.wowhead.com/?talent=oZ0Ec0RhIhVubhcxmhc0o
Why not go ahead and pickup icy veins if you have to go down that far into the tree.
Please note, my testing was done on the PTR running Tempest Keep, Heroic MGT, Hyjal and dailies. It's not the most scientific but it works for me.
Edited, Oct 13th 2008 4:37pm by mgjr