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-The "free shield" is irrelevant because Fossilize actually does damage upon being broken (more damage than the "shield").
I would like to point out that the damage upon being broken does not do more damage than the shield amount, unless it crits. I feel Fossilize I designed as a disorient with a shield so that a DK's dots do not instantly break the cc. Also, take into account, that shields cannot be crit, and, if the damage that goes through shields cannot crit (not sure in all honesty), then this takes away from potential damage. This is would diminish the damage for the Fossilize -> meteor combo, which is why I cast deep breath to have the exhale pop the shield right before meteor lands. As I said, not sure if damage going through shields can crit, but I have never noticed any damage from meteor crit against someone still in Fossilize shield.
Anyway, for the argument between Fossilize and fear, fear is more useful unless you favor range. It's benefits outweigh those of Fossilize imo, being a slow, maim, and not a disorient. Of course, a ranged undodgeable cc is very useful, so that can strengthen the power of Fossilize for many people.