Standard of Might beats Shooting star, since it has similar damage, but you get +30% extra damage for the standard's duration for a mere 50 extra ultimate.

That said, if you don't want to use Standard for trash clearing, Shooting star does the job, and actually costs less than its tooltip since you get some ultimate back when hitting mobs. Main reason to use Shooting star is actually to get the +2% max magicka for extra damage.

Basically, always use standard for bosses, except if the boss is about to die and won't have standard available fast enough.

For trash mobs, standard if available, Shooting star otherwise.

Well i the section is pvp combat and skills so i thought it fell in this category...also i believe the standard of might needs a reduction from 250 to 200 ultimate,the meteor hits a little harder with only 200,and it can hit moving targets ,the standard needs to be thrown on stationary targets or at least predict where the enemy i going to move...but it lacks the flood of resoutces that the standard gives back,which is extremely useful

For PVE!!!... Shooting Star front bar, Standard back bar.....
The Mages guild passives are nice for a start.... Start boss fights with standard and then use shooting star as it becomes available, unless you know the fight will last longer enough to justify waiting for another standard.

main bar, meteor for mage's guild passive
second bar, standart for damage

Unless your wanting the damage mitigatio, shooting star.

Standard is great and might be a better fit for melee DPS but if you ranged and/or a magica build the mages guild passives are very good.

Extra magica
Cost reduction and
Empower plus
Ultimate return

Standard is situationally more useful.