lets put it this way:
as feral, youll shift out, youll heal, and youll be back at it in the time span of a regrowth cast + rejuv. rinse and repeat until you run outta mana (depending on your personal grinding speed and the rate of damage in vs damage out, this may be never). point being: your killing power is derived from something NOT reliant on your mana, leaving your mana for healing.
as a balance, youll nuke till your empty (or near empty) shift into cat or bear, finish off a fight or two, and then youre oom and low on life. so now you sit and drink. your primary form (and best/fastest as well) of killing involves expenditure of mana. youve got feral forms to use, but youre not geared for them, youre not talented for them, and youre likely low on mana by the time you shift into them (to take advantage of the way mana regens). youre also likely a bit low on life at this point, but youre oom (or near enough) and maybe shifted into a feral form. you could try to kill another one or two, and you might stretch your mana regen a bit, but youre still going to go into the next fight with less than max mana, even if you bandage....unless you sit down and eat.
so for the sake of grinding, i dont care about dreamstate or moonkin regen....feral will be quicker, and as balance, you will eat and drink more. stick a feral next to a balance, give em identical gear tailored for their specs and the feral will outperform the balance all other factors being equal. why? because the feral draws its killing power from a source NOT shared with its healing.
but hey, if you want to carry around 2-3 sets of gear before youre even 40 by all means, dont let me stop you. its your game, play it like you will. but if you want facts, then feral is hands down better for leveling until at least the mid 50's, probably until post-60.
Edited, Apr 16th 2007 1:01am by Quor