Shamans are incredibly powerful but more than spec-specific pros and cons, it's more about their ability to adapt to about every needed scenario! Elemental is a testament to that.
You've got a class that can range as well as dedicated caster classes, has the mana pool to heal (bloody well) without the need to switch gear and can melee (Staff of Jordan + WF) for up to 600 or so dmg and do a damn fine job of Flag carrying in a clutch. That's one spec. Not to mention their ability to control the field. How do I know? I play one. I switched from Resto to Ele for the simple fact that ele offers way more to the team than resto does and I really don't sacrifice anything except maybe lowered cast time of Ghost Wolf.
We have the ability to purge, silence, slow x 2, misdirect spells, buff other classes mid-battle, eliminate fear and sleep (AT RANGE) and remove poisons (AT RANGE) DPS amazingly at range or melee. All of these things are readily available with a maximum CD of 10 seconds.... 10 seconds. I'm not sure how anyone in their right mind can compare a Paladin to this. Every positive thing you guys have mentioned about pallies is a CD. So yes, LOH is great... every now and again.
I'll give you an example of just how stupid Shamans are at the moment. Ally team turtling, FC standing in flag spot around the corner with a priest healing it. Priest in line of sight, Druid (FC) not. Standing from the balcony, I was able to get both players to almost dead by using the priest as a lightning rod to hit the FC with chain. Once low, Nade stun, Goblin Mortor, Chain, dead. We're talking about a player with around 4k hp and a dedicated healer. So yes, they could have done more to stop me but fuck, that shouldn't be possible.
Give me one other class that can do this as offers as much to a team?
Bamm