I would like to take this opportunity to disagree with my own post the other day declaring Divine Providence worthless. I was so moved by all your comments that I specced 14/47/0 and took Circle of Healing for a spin through half of Tempest Keep and all of Zul'Aman, and have changed my mind entirely. Circle of Healing is amazing, and I never want to let it go. If Blizzard wants to give me a talent to buff it and other heals by 10%, and lower the cooldown on Prayer of Mending, they can go right ahead.
As you all had predicted out, my estimate of Greater Heal and Flash Heal covering 70% of my healing between them was woefully inaccurate. In fact, in both instances, CoH alone accounted for 70% or more of my healing. The new Divine Providence is +10% to all multi-target heals, and 3 seconds off Prayer of Mending's cooldown (with 5 points in the talent). Even if I ignore the other effects and just look at the boost to CoH, I get (70% * 2%) = 1.4% increase to my healing per talent point, well above the 1%-per-point benchmark.