Ok, I finally got to do my math. I based my numbers on the latest Wowhead talent calculator (Beta build 8714) and here is what I got:
Arcane spec
Fire spec
Frost spec
FFB spec
Low & High numbers borrowed from Lhivera and added 120mp5 on low and 200mp5 on high. (Noticed too late I had entered the 120 mp5 on Low so scaled it up at the same rate as spell power)
I tried out a whole bunch of cycles, especially for Arcane, so here it goes ...
Frost spec:
Low: 3080,25 DPS & 18,75 DPM
High: 4928,25 DPS & 28,59 DPM
Frostfire spec:
Low: 3076,69 DPS & 23,9 DPM, with 10:1 Scorch cycle; 3031,67 DPS & 23,17 DPM
High: 5058,84 DPS & 39,28 DPM, with 11:1 Scorch cycle; 4987,28 DPS & 38,04 DPM
(Assumed Fire damage on FFB)
Fire spec:
If you're going for max DPS:
Low: 3010,34 DPS & 14,61 DPM (3FBa-1FBl), with 3:1 Scorch; 2976,83 DPS & 14,68 DPM
High: 4963,44 DPS & 24,15 DPM (3FBa-1FBl), with 3:1 Scorch; 4918,35 DPS & 24,32 DPM
If you're going for more efficiency:
Low: 3031,67 DPS & 16,64 DPM (FBa), 10:1 Scorch; 2919,3 DPS & 16,64 DPM
High: 4904,06 DPS & 27,5 DPM (FBa), 11:1 Scorch; 4863,52 DPS & 27,58 DPM
Arcane spec:
I did cycles for 1-4 AB each and with and without Scorch, so it's rather lengthy

Low cycles:
ABar - 1AB: 2939,04 DPS & 16,26 DPM, 8:1 Scorch; 2907,4 DPS & 16,36 DPM
ABar - 2AB: 2925,20 DPS & 15,95 DPM, 5:1 Scorch; 2894,29 DPS & 16,04 DPM
ABar - 3AB: 3018,65 DPS & 14,30 DPM, 3,75:1 Scorch; 2967,28 DPS & 14,69 DPM (Scorch replaces the last AB)
ABar - 4AB: 3149,39 DPS & 12,27 DPM, 2,8:1 Scorch; 3072,89 DPS & 13,24 DPM (Scorch replaces the last AB)
High cycles:
ABar - 1AB: 4848,26 DPS & 23,89 DPM, 9:1 Scorch; 4805,80 DPS & 24,11 DPM
ABar - 2AB: 4930,32 DPS & 23,85 DPM, 5:1 Scorch; 4879,90 DPS & 24,05 DPM
ABar - 3AB: 5106,25 DPS & 21,89 DPM, 4:1 Scorch; 5053,53 DPS & 22,12 DPM
ABar - 4AB: 5314,81 DPS & 19,89 DPM, 3:1 Scorch; 5251,23 DPS & 20,13 DPM
And last but not least, ABar-AM PoM cycle:
Low: 3401,09 DPS & 16,54 DPM
High: 5165,17 DPS & 24,99 DPM
Conclusion:
ABar-AM PoM cycle is the best DPS if you have Low gear, while ABar-4AB becomes slightly better when you get the gear.
Frostfire is by far the best spec for efficiency, regardless of gear.
Both full Fire and Frost are more efficient then Arcane, while not being extremely far behind on DPS. Frost is even more efficient then Fire, but does lack a few useful abilties, especially for AoE.
Additional Info:
* Scorch cycle ratios are with the entire previous cycle, not just 1 spell.
* I excluded Fireball & Frostfire DoTs, because their impact on overall DPS is not worth the extra math.
* I left out Arcane Power, Combustion and Icy Veins, simply because besides the possible combinations with BL/Trinkets, they all grant comparable increases in DPS, depending on gear choices (IV would already cap GCD on ABar with High gear).
* AoE fights play in favor of Magic Absorption, while playing against WE uptime. I excluded both untill I can get a better view on lvl 80 raid environments
* I calculated MBAM as replacing the spell that procced it in your DPS cycle (=AB). I have yet to build a model for XAB-ABar-[MB]AM-Abar cycles.
* Hot Streak calculations are done assuming that there are no 'rolling streaks' with the guaranteed crit. The calculated crit gain from Hot Streak is (talent_points / 3) * (100% – crit_rate%) * (crit_rate%)^3
Assumptions:
* Frostfire Bolt working correctly (no dubble dipping)
* All spells gaining 3% crit from Arcane Concentration/Potency combo, might not be correct for Arcane Missiles.
* No specific Armor on, as they are largely dependant on the situation. Usefulness for Molten Armor would give Elem>Fire>Frost>Arcane order, while Mage Armor gives Arcane>Fire>Frost>Elem.
* Almost all possible buffs available, being;
- Mage: Focus Magic, imp. Scorch, Winter's Chill, Chaotic Skyfire Diamond
- Warlock: Curse of Elements (with Malediction)
- Priest: Misery
- Shaman: Totem of Wrath, Elemental Oath
- Druid: Moonkin Aura (improved)
- Paladin: Retribution Aura (Swift Retribution, but not improved atm)
- Death Knight: Frozen Runeweapon (only for Frost spec)
I will update my data once I have Improved Divine Spirit(Priest) and Sanctified Retribution(Paladin) talents and an option for a choice between MBAM adding to or swapping out a spell from your cycle.