Laugh if you want (and I certainly do when I see that dance), but moonkin (or Balance-specced) druids are doing well for themselves lately. Druid tanks have been getting all the press because of the new feral gear in Outland (and more recently, a few solid nerfs), but moonkin have been slowly building up their buffs, and using the best gear in both cloth and leather to max out their DPS. While the spec is really meant for PvP, it seems, they can definitely shine in PvE-- everyone loves Innervate, of course, but moonkin give that great crit bonus that adds a lot to any DPS raid group (definitely useful for Shaman, too, despite the Clearcasting nerf). They've got a nice armor bonus, so while they have to really be careful about managing aggro (they so far have no threat-reducing abilities), they can still take a few hits, and they have a few nice roots (Cyclone and the Tauren War Stomp, and Entangling Roots if they happen to be outside) that can hold things down until the tank intercepts. Not to mention that if need be, they're just a gear change and a shapechange away from becoming respectable offhealers, if not main healers.
Myrch lays out what moonkin need to do to really shine-- they've got to really concentrate their focus and load up on the spell damage gear (a guildie of mine, a moonkin who routinely fights mages and hunters for the top DPS spot, often wears cloth just for the spell damage), add a little mp5 to the stuff they wear, and of course watch that aggro. But more and more, we're seeing that a well-geared, well-played moonkin is a really great class to have along in almost any situation.