If you look at it, take Fire I Median DMG, divide it buy the "DPS", you essentially get the Cast time of Fire I + the GCD, it's probably the same for all the abilities, DPS doesn't seem to have anything to do with the actual fight, it probably just estimates each abilities "DPS", given its DMG vs it's Cast+GCD time? Which would be why the EncDPS and DPS are so wildly large for flare, 14~ vs 899 lol.

I dunno, I've always only used EncDPS, as do most people I see post parse results, I've never had "DPS" turned on.