Taunt doesn't grant berserk or whatever. Basically, at least what I think was the original intent, is that you force things to target you instead of something else. It's similar to abilities in video games where the big tank guys draw the fire onto their bolstered defenses or increased health, so that the smaller, weaker guys don't get hit. That's my interpretation, of course, and if it was decided to make it some totally different effect entirely and I missed it, I apologize.
I can tell you that the Berserk effect is currently unusable and under review, so regardless, in a one on one fight, Taunt won't likely help you much. (Though, I suppose under my interpretation you stop the terrain getting damaged or something.)