Euhm, you know that up untill now, FoL was the only short-time heal that was more efficient then the slow heal of the same class right? short heals are usually the best HPS, while slow heals are better HPM. Unless you're a Shaman, then CH > HW > LHW in both cases.
... I dunno I kinda depends on how you look at it.
I think there is a real argument to be made that now paladins will be even more valuable in a raid. This is a guess on my part but with the new hand spells, bubble, and holy shock changes Blizz is trying to push us into more of a utility healer role. Meaning It might be more important to toss sacred shield, hand of sacrifice and holy shock in a pinch then spamming FoL or /stopcasting HL on the main tank a whole fight. I think if done right this will make our class unique and fun. Maybe someone will even come out with a new meter that calculates damage avoided so priests and druids wont spamm meters and say we suck.
Also, I would like to point out the value of the new Judgement of Light. If kept up This can be a great aoe hot. Mostly doe to it scaling with AP and tanks using more strength now. If you want to run numbers on something. how much AP/SP does an average tank have? Whats 18% of that? How fast does the average tank Swing? Now how does JoL compare to Rejuve?? My guess is Blizzard would want those numbers to look similar.