Puncturing arrow deals the most reliable damage against a single target. Shattering arrow deals the best damage against groups. Devouring arrow deals the highest average single target damage but is more random than hungering arrow.
It's really your choice, any of these runes work well.
i've tried them all, stuck with puncturing for the most part, but i'm now thinking cinder arrow is the best and have stuck with through inferno. you get a guaranteed 150% damage (115% + 35% over 3 seconds) plus it still has the 35% pierce and reapply. i'd love to see some figures for damage comparisons, it would have to come really close between puncturing/cinder.
cinder can never do as much damage as piercing or devouring because the burn doesn't stack