karateorangutang is basically right - without a wait command, the macro is simply "try to do one of these in order". It'll execute the first, then if that's already on CD it'll do the next in line. Depending on latency you can end up losing a tiny bit of dps due to global cooldowns working a bit slower (due to macros not queuing) but it's negligible.

Thus... it's fine for cooldowns that are always either popped in sequence (like Raw Intuition and Awareness), or are a priority system where it doesnt really matter which one you use (I guess you can say Thrill, Conva and Second Wind fall into this in a sense - push a button for a health injection).

Where these macros -suck- is when you have the second or third action in order being a cooldown that you might actually want to pop on its own without the ones infront of it. Key example being Vengeance into Foresight. Yes, in a lot of cases you can use this button for vengeance, and when you want damage mitigation and vengeance is on CD it'll be a foresight. BUT it prevents you using Foresight as a minor damage reduction cooldown spammed frequently in situations where you want to save the Vengeance for a tankbuster.

These macros CAN reduce the number of buttons you have to keybind with minimal efficiency loss but you have to make sure you don't tie up actions in the second half of a macro that you might want to pop more frequently than the stuff that comes before it. THAT'S where the major efficiency loss comes.