Fury in Cataclysm Beta and PTR atm is severly lacking in damage(probably the worse spec if you got gear), it has a very simple rotation of pressing BT and fishing out for RB procs, Slam Procs(Slam is prio atm since it deals the most dmg of all abilities) and using up all the rage with HS, so in between low rage income and long ability cooldowns you're most of the times auto attacking. <--- TG pov
Arms is pretty decent in damage, has alot of healing, alot of CC for when you need to gank/get ganked and is pretty entrataining to play. If you play on a PVP server and plan on killing stuff Arms is the way to go.
Prot is probably the best, it doesn't match Arms damage yet, but it has good survivability and it's best for grinding, pretty good PVP bonuses and it has fast access to dungeons.
All Specs have access to Victory Rush(and it's glyph) and in it's current state the healing is so powerful that Prot can end up soloing very hard mobs, while the other specs pretty much run around without anykind of downtime even when dealing with mobs 2 levels higher.