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Based on the few numbers I've seen, gut is probably significantly better DPS than Thoth's Fang (at least with str arties; they should be closer at base dragon strength). It looks close enough though (gut shouldn't be more than 25% higher DPS; specifically, gut DPS should be between roughly 98% and 125% of Thoth's) that the faster balance on Thoth's Fang might be enough to come out ahead despite the lower DPS (and that's almost certainly the case when hunting weak denizens).Artied gut is definitely better than unartied incantation.
Incantation is good for mobs that break your limbs a lot. You can incant with a broken arm, but you cant gut. I think?
Results of disembowel testing | Knight limb counter | GMCP AB files