For my own reference and anyone interested this is my patch 3.1 ideal spec/gear for pure PVE Elemental Shaman.
Elemental Shaman Spec and Glyphs
Now, this spec is for PVE, but you do have some leeway in where you spend points. For example, I put two points in Improved Ghost Wolf that you could put into Improved Shields. Also, I put a full 3 points into Unrelenting Storm, which is debatable if you need it or not. In Ulduar, I’ve noticed that on bosses I have no mana issues, but moving constantly fight to fight I have to drink now and again whereas before I was practically always full mana.
Now, for the gear. My ideal gear for patch 3.1 (with alternatives)
Helm: Conqueror’s Worldbreaker Helm
Neck: Pendant of the Shallow Grave, Pendant of Fiery Havoc, Pendant of the Piercing Glare
Shoulders: Conqueror’s Worldbreaker Shoulderpads
Back: Drape of Mortal Downfall, Drape of the Spellweaver
Chest: Conqueror’s Worldbreaker Hauberk
Wrists: Bindings of Winter Gale
Hands: Conqueror’s Worldbreaker Gloves
Waist: Belt of the Fallen Wyrm
Legs: Conqueror’s Worldbreaker Kilt
Feet: Eruption-Scarred Boots, Lightning Grounded Boots (These boots are BoE and craftable by leatherworkers, it has 2 gem slots which could make them better than the other boots.)
Rings: Frozen Loop, Pyrelight Circle, Shimmering Seal
Trinkets: Eye of the Broodmother, Pandora’s Plea, Scale of Fates +Hit > Living Flame, Elemental Focus Stone
Weapon: Soulscribe
Shield: Voice of Reason
Totem: Totem of Hex
Basically, you need to look for items that have spellpower, haste, crit, and hit. You don’t need spirit or mp/5 in practice. The hit cap varies depending on your race, spec, and whether or not you have a boomkin with Improved Faerie Fire in your raid. Here’s a good guide for hit rating courtesy WowWiki.
Keep in mind there are still some very good gear options in Naxx25, such as the boots above. Blizzard did not give us any options that don’t have mp/5 for Boots in Ulduar, from what we’ve seen so far.