I'd be fine with that logic if Holy was using SS, but they weren't. Yes, you lost your moderate tank shield but gained a moderate tank CD should you be using beacon as a tank heal. I don't think that's enough to make it competitive with EF, but in that case the change in SS is meaningless.
What you mentioned previously about Holy getting nerfed and Prot getting essentially buffed is arguably true, but keep in mind that something had to give. Protection needed the change and Retribution wanted the change to something more suitable. They may end up nerfing HS to compensate, but I don't see that happening.
I think EF needed a nerf. It was so dominant because it was simply WoG+x amount of healing, no one went with SS once blanketing and such was discovered. That does not mean however, that I think Holy needs a nerf. Holy in the current model is in need of a serious redesign, or at least big HPS buffs to keep relevant to top tier raiding.
Most healers are edging towards very offensive play. Monks and Discs already have a huge impact in DPS at this point due to atonement and fistweaving, resto is getting an atonement style CD and shaman have a shitty version with the mana return. Holy has Denounce, expensive as shit and does fuck all damage.
If they don't want holy playing offensively, or having the tools to do so, they do need to be a major player in the healing game. I don't think holy paladins do enough right now to justify their place over a disc priest on a progression fight.
You never know, those buffs might still be coming.
edit: Just to clarify that, it's not that DPS is *all* that matters, it's more that there's not enough between paladins and disc/monks to justify how much damage is lost. It's a similar issue with protection paladins, there's no major difference in damage intake between a top prot paladin or warrior, but the paladin will do 2-3 times the damage. On fights where the enrage is the biggest threat, that difference is a big draw for most top guilds.