Renew specs still use Circle of Healing, Prayer of Mending and Prayer of Healing. All these can proc Inspiration and now that Inspiration is now a damage reduction instead of an armor buff it's a good raid buff to have. The base takes all tier-1 talents, Spell Warding 4/5, Inspiration and DP, then Holy Reach. What you're speccing to do is to increase your raid healing, using Renew as your primary filler spell. Spell Warding at this point is a massive bonus, but the spec can be modified by dropping it and DP for Divine Fury so that you're not handicapped on certain fights where there is little to no raid damage.
See:
http://www.wowhead.com/?talent#bVcbhZfvzcbMqqhGcuAo
Spec takes every talent which improves Renew, while also taking every talent that increases AOE heals (unless you count Holy Nova, or a mana reduction on Hymn). Crit AOE heals give the raid a mitigation buff, crits on AOE heals and Emp. Renew are used to feed SoL in case of emergency, etc.
It mimics Druid in the way both specs utilize a low cost and powerful HoT as their primary spell. The spec turns the mediocre Renew into something comparable to Rejuv, which is then used to spot heal. CoH and PoH are used for larger bursts on groups, while Flash Heal is used for free when SoL is up (or saved until needed in many cases). Your healing will be 30%+ from Renew and often higher.
@Kelesti: Any spec without Body and Soul should be immediately respecced to take it, or shunned from raid groups. The lack of it shows a Priest who does not properly understand the support they can bring to a raid. Body and Soul is far too useful in far too many situations to ever remove from a build.