Unlike most pure DPS classes, warlocks currently have three viable specs. In 3.3.2, affliction has the best sustained single-target DPS and destruction is lagging a little behind in that area, but in 3.3.3 things look due to even out.
Affliction provides the 5% spell crit debuff on mobs through Improved Shadow Bolt. To achieve the best DPS, you have to apply corruption with the best possible combination of crit and temporary damage buffs (e.g. the Nevermelting Ice Crystal for crit, and Tricks of the Trade for temporary damage) and then keep it rolling for the whole fight. This can be tough in real-world fights. Affliction has a slow ramp-up in DPS, which can make it less suitable for target-switching fights such as Deathwhisper.
Demonology has a powerful ability for focusing damage into a small time window (Metamorphosis), and likely has the best AOE damage. To achieve the best DPS, you have to stand in melee range and use immolation aura during metamorphosis. Demonology provides the 5% spell crit debuff as well as Demonic Pact, a large spellpower boost for all casters in the raid. Demonology has reasonable target-switching depending on how lucky you are with Decimation procs when mobs die. Demonology is the most raid-buff-dependent spec because the pet benefits from physical DPS buffs while you benefit from magic DPS buffs; this can work to your advantage or disadvantage in 10-mans depending on raid composition.
Destruction has the fastest ramp time, making it good on target-switching fights. It does not provide 5% spell crit or a spellpower buff, but does provide replenishment. With Shadowfury, it is probably the best spec for kiting dogs on Saurfang. It is the only raid spec with Destructive Reach, making it useful for fights where range is an issue.