They share a timer so they can only eat 1 spell slot. They're sustained nukes that are not as good as our spam nuke.
If you have mana problems use them, if you don't then don't bother. Pick the fire one because it's higher damage.
I would actually go for the ice one personally as that's the one I use. why you might ask when the fire one is more damage for the secondary effect of course. it adds damage to your next 2 nukes of that type in this case ice and if you look at the damage for our fire and ice nukes the ice nukes are more damage so hence you are gona get more damage from 2 higher spells so the minor off set of it being a little lower dd initially is mute I think. I also happen to be one of the rangers that constantly tops parses in raids usually top 5 but almost always to 10 unless the fight is really really short and I'm talking less then a minute.
The only things worth casting are forecasted, focused, and summers. Only time elementals are worth it is on events where we can't cast both fire and cold. Summers is both our best damage per mana and dps spell.
Summers also is a big aggro generator. The elementals are nice if your working with a poor tank. But if you have a good tank, or are self-tanking - it's summers all the way. -Rat