I like the riptide glyph. In current 10 man environment glyph of chain heal is of tremendous help, and riptide glyph provides a convenient filler cast in between glyphed chain heals. 11/14 hc, using it on every fight, often being the top healer.
I suspect that with perfect play it's suboptimal, but the difference is much smaller than you're making it out to be. Not having to worry about riptide cooldown frees up a significant proportion of my brain cycles to pay attention to more important stuff. YMMV