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Originally Posted by Oth
It is never 'better'.
The 'better' might stem from this: For two items of the same ilevel, you can get more +bonus for your budget if you pick the item with only one school of +damage. That is, if you had two same-level greens, and one was +30 damage/heal, the other will be like +40 frost.
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The ratio is actually even lower than that, which is why +all tends to be the most commonly used gear for casters. For some reason, even though +school should provide more efficient itemization, it's rare that a +school piece is well-itemized enough to overcome the gap and be more worth wearing than other gear (Ringo's, Ring of the Eternal Flame).
It's near 34 to 40; look at the AV offhands.