Since HoTs take time to really activate and get their healing benefit out, especially Lifebloom stacks, Replenish truly helps the Druid heal. It just isn't an effective talent with a faster enough connection and computer.
Im a rejuvenation druid.. i got the idol and reju only cost me 345 mana. (less than lifebloom). So this talent is very usefull for me, because i use the rejuvenation hot alot. I dont want the +3% crit, because i never use nourish (its not my playstyle) and i dont want the +3% haste, because i got the haste that i need.
in my guild, we have very pro healers, and we are usely 2 resto druids in the raid. The other resto druid, is mainly useing lifebloom, which heals more then rejuvenation over a raidnight, but rejuvenation heals on another way than lifebloom, and sometimes rejuvenation can be the heal that saves the day. thats why i mainly use rejuvenation, and why i got replenish.
So its really up to your playstyle, and the healer situation your guild is in.
my playstyle is:
reju + 3 LB + regrowth hot on MT, then spam rejuvenation/WG (depending on the fight) on the raid. when there is no one around that needs heals, i sometimes but a rejuvenation on targets that mainly have mana problems (mages, CoH spamming priests.. and so on) sometiems i also but it on energy/rage dps.