Did a couple of very quick test runs tonight with the Serpent + Steady vs. Serpent + Arcane + Aimed + Steady. I basically emptied my mana bar each time. Here are my results:
Serpent + Arcane + Aimed + Steady #1
Overall Damage - 222518
DPS - 2994.9
#2
Overall Damage - 226534
DPS - 3152.5
Serpent + Steady #1
Overall Damage - 264156
DPS - 2997.7
#2
Overall Damage - 254345
DPS - 3161.5
Conclusion
In short, the Serpent + Steady rotation was on par with the more elaborate sequence. This quick test essentially supports Fur's suggestion, unless you're worried about self-healing mobs (Arcane Shot helps that). The first sequence did seem to have better burst dps for the first 15-20 seconds (peaked at ~3800 dps each time before leveling off, versus ~3400), so I'm still inclined to use it for heroics. However, for long boss fights or raids, Serpent + Steady seems the better option, mainly because it preserves more mana. Better testing is likely needed, but this is enough to persuade me for now =)
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