Single target DPS Arcane/Frost should be ahead of Deep Frost, however I don't happen to think Arcane/Frost is worth it for a shatter build. Elemental Precision and Frost Channeling are both very nice but subtle talents. So you don't really notice them all that much, but they really do make a big difference over time. With Arcane/Frost you're going for Burst and Mana efficiency. For a shatter build the burst is only really efficient in PvP or farming, whereas a "mana efficiency" talents will always benefit you. My personal opinion is that for a shatter build you're probably better off with Deep Frost unless all you do is PvP and farm. Anyway Ive tried Deep Frost, Arcane/Frost with Shatter and Arcane/Frost without shatter and that's my take on the 3. Each fit a particular playstyle and I currently use Arcane/Frost without shatter because I find it to be the most versatile.
After this upcoming patch however I think Deep Frost will be stronger DPS for Frostbolt spamming (it'll be more threat, but you can still cast Arcane Blast if you want to continue DPSing without pulling aggro). I will most likely switch to Deep Frost since Arcane/Frost will lose its damage advantage and only have the benefit of mana efficiency. (I consider burst and added damage of AP/Pom and Water Elemental to be a wash... WE may in fact have the edge after the patch)