The elemental spells can draw some aggro, but not like you would initially think. Since I've been raiding more I rarely get the aggro unless I intentionally pull aggro by switching to rockbiter and earthshocking a mob off a caster in the party. I am on average critting with my shocks and lighting spells for over 1200 every 3 or 4 casts, sometimes more often, especially with an intelligence buff.
As far as ghost wolf goes, it is useful in the battle grounds, I won't deny that. If I need it in a hurry and I'm not on the cool down, I can pop Nature's Swiftness and go into ghost wolf instantly.
The other reasons I went this spec are that the Shaman gear (non PVP) sets are made for elemental/resto Shaman, and I've been doing an increasing amount of healing lately in raids, and the backup dps is awesome. The other side is that by going down both elemental and resto trees I get reduced mana costs on my offensive spells, my totems, and my healing spells...in other words everything that we have that uses mana is now cheaper to cast. Lightning bolt rank 10 costs 268 mana to cast. Fully buffed I can sit and cast them almost indefinitely, and with every 2 to 3 of them critting, you can see where that is handy.
Honestly before I hit 60 I would have thought anyone going this route was nuts! When I hit 60 I was 35 enhance 16 elemental. Since then I've respecced several times and I like this build the best.