Here's my mage's current UI.
And a video of it in a raid environment (kinda). Recently went 127-0 in an Alterac Valley. The only thing missing are my DXE timers, which show up above my player frame in bars.
YouTube - Bad Vs. Badder (127-0 Altarec Valley)
Addon List:
oUF + oUF_lumen (Unit Frames)
Ellipsis (Cooldown Timer)
Bartender4
HitsMode5 (Combat Log)
Chatter
kgPanels (Art/panels)
Skada (Next to the Combat Log)
Satrina Buff Frames
Wanderlust (Minimap)
Grid (Raid Frames)
Power Auras (AB Stack)
sStats (dur/fps/latency/usage)
MikScrollingBattleText (Scrolling Combat Text)
TipTac (Tooltips)
rNameplates
The frame next to my combat log is Skada.
The bloodlust/divine shield/ice block warnings are MikScrollingCombatText area triggers.
The steal/reflect warnings are Power Auras, as well as the Arcane Blast counter and AM proc ring.