I will attempt to make a general but confident assessment of the current situation, having as a reference a random and common example of a bell curve produced by SimCraft on DPS values collected from its multiple runs:
We can graphically see that the distribution of max and min DPS values is very wide compared to predictable specs like Arcane Mage. Other specs do become unpredictable due to crit or other random procs but it appears Fire has increased crit-based unreliability due to reliance on Ignite.
What is most important on the curve is that the distribution is so wide that to reach the max value, one has to go through a plateau, meaning the max value is incredibly rare.
For this we can derive two very general but confident conclusions: One, the log based rankings most players consult with will not be representative of the class (this will include the fact that a kill may not happen at all or a log may not be uploaded if fire mages were unlucky), and that fire spec is very unreliable for end-game raiding or otherwise (in its damage output) .
This is a simple realization, however, it is complex to fully analyse what it means for the end user of the spec and it would probably require a whole book. This is because we could go on here about specific situations affected by the handicaps of Arcane related to movement or mana, or the advantages/disadvantages of any other spec but this is highly depended on specific fights or personal/guild strategies.
What we can keep from this is 1. The fire spec is a very unreliable spec in its damage output, perhaps the most unreliable in the game while Arcane is very reliable comparatively, perhaps the most reliable in the game and 2. One has to now decide if that unreliability is worth to be kept in exchange for the reduced damage, while also factoring in specific fights and guild strategies.