Some things that aren't included in this thread. As someone who strictly only plays shaman except for dailies, and has been through all of beta I think I know a little bit about the class.
Bloodlust is a win more card. You should only have 1 in your deck, even in rush decks if you are going to have it in your deck at all.
Slow roll your creatures, even as rush. Good players will keep your board clear at almost all times. By slow rolling your creatures out, you force them to blow control on things they normally wouldn't want to.
Shaman weapons are mediocre at best now, since we got no form of self healing or mitigation.
Shaman is a weak class at the moment of posting this, and takes a lot of dedication and play time against actual good players to get good with it. It is the class that probably involves the most thought and math (even though it is like 6th grade math :P) cause of overload.
I personally feel at higher levels of play, windfury is a must in any deck in some form. It is going to be your win condition, force control spells out at bad times. It is the shamans only good mechanic, and getting cozy with it is a good idea.
You don't need to play taunts to be successful (as any class). I play 0 taunts, including 0 frost wolves in my deck and still got a 81% win/loss ratio. Taunts are usually thrown down to slow the tide of battle, but most shaman decks can and should be able to clear the taunt while keeping offensive assuming you got a offense down.
Fire elemental is a must. Don't fall for Earth elemental. You get overloaded, and by turn 5 every class has an answer for it. Earth elemental is one of those cards to test your ability to see if a card is actually decent or not. In arena, I'd say Earth Elemental is a good choice though.
It is unrealistic to think you are going to hold onto a double rockbiter + windfury in your hand to do some sort of lolwin. Against good players, you -will- have to use rockbiter to keep damage to a minimum.
A fairly cheap to make shaman deck that got me to 3 star masters easily twice in a row was this.
2x Earth Shock
2x Rockbiter Weapon
1x Acidic Swamp Ooze
1x Faerie Dragon
2x Flametongue Totem
2x Novice Engineer
2x Lightning Storm
2x Earthen Ring Farseer
2x Chillwind Yeti
2x Dark Iron Dwarf
1x Bloodlust (Can replace this with whatever you want.)
2x Azure Drake
2x Fire elemental
The deck is very inexpensive, and the idea is to know when to drop creatures and how to exchange them. Flametongue makes all 2 mana drops a big threat.
I like this deck build, but i do have a few questions about it.
1) Do you feel you have too much silence in this deck? Granted, I'd rather have too much silence than too little, but 4 feels like a bit overkill.
2) Do you run into hand-size issues? I'm noticing you have very little in the way of draw engines (I count Mana Tide and 4 Cantrips), and you're seemingly using a mid-range deck. I expect you wouldn't run into hand-size issues in a game that's 10 turns or less, but beyond that, I'd expect you'd start running out of cards. Any issues with that?
3) Ever consider running Stormwind Champion x1? Particularly since you have nothing over a 6-drop, this card can be a good backup card when the game stagnates, you can't get minions on the table, but you have several totems out.
P.S. Not that I'm objecting to the lack of taunts, but you're missing the point of them. It's true that taunt minions can be used to defend your hero from direct damage, but that's not their real strength. The main strength of taunt minions is that they restrict your opponent's options. During your opponent's turn, its supermarket sweeps, in that they can attack whatever they want, ignoring minions they can't handle and picking off your weak minions. Putting a single taunt minion on the table really constricts their options. This is actually one of the misconceptions with taunts, where people often think "Oh, cool, I have 7 gajillion taunt minions on the table, aren't I awesome?" That's good if you're trying to block some sort of charge attack on the table, but TWO taunt minions now gives the enemy options, because they can attack whichever one is better for them.