Right now playing a shaman in general feels like playing the underdog -- so much of our ability to win depends on the other guy fucking up basically.

Ghostcrawler posted the response to the "shaman Q&A" on the wow shaman forum and the basic tone was aside from bumping up our health, maybe, that they were aware of our weekness and are content to leave it alone.

Actually, the response to why our health pools is so low compared to the other classes (21k HP with deadly when other classes have 25k in the same gear) "we nerfed it at some point back in vanilla wow, but we forgot why so we'll look at reversing that at some point" -- 3.2 is what people are expecting as for a time frame, but that's still best case 3 months out.