Sure, but who cares about CMs? It's obviously a raiding talent. Chain Heal has always been underwhelming in five man groups. It's when you have 10+ potential targets that the spell really shines.
What? It procs all the time! It procs faster than I can use up the procs sometimes, and all those extra Tidal Waves stacks help a lot with mana. The extra cleanse casts are also handy some times, and make fights like the last boss in slag mines a complete joke. It's not exactly reliable, but it doesn't have to be.
I used to think so too, but try playing without it. The only times that Ancestral Swiftness actually saves anyone is if they would have died during that GCD. It's extremely rare that anyone actually dies just as you're casting Healing Surge on them, and if it does then it's usually from taking so much damage that they would have died anyway.
Chain Heal isn't suppose to compete in HPM. It's a HPS spell.