Mana vs damage/healing is a balancing act. Mana regen improves with gear, while spending remains the same (if not cheaper with some relics) and of course damage/healing needs to scale ever upward.
Mana vs Damage is reasonably straight forward, as it is your mana pool vs the bosses health. You are effectively chain casting or using cast rotations regardless of the bosses HP.
Healing, not so.
If you were healing an elite with 5 million HP then it would be identical to the short damage example above (a little like Razuvious or the second AQ20 boss).
However under most normal situations you have to cover around 20k health from 5-6k hits and some spikes. Overheal is present, while I have yet to see people complain about over damage on a boss.
Most healing can be looked at in two ways. Efficiency and Effectiveness.
Efficiency: Casting heals that provide the most benefit for the lowest over all mana cost. This means you're getting some healing out but can stretch a mana pool. This is ideal in situations you're mana starved, typically a long fight or one with a mana drain, however it is also not optimal for your targets survival.
When healers are forced to conserve mana they'll usually be one of many on the same target. This is not very common anymore in these new encounters due to a combination of encounter design and smaller raid size.
Priests can downrank slightly Gheals, Druids Lifebloom and wait on the 5SR, pallies spam flash of light, shaman down rank healing way(?). Every class has a way to be more efficient.
What is important is that healing efficiently, you'll spam these regardless of tank HP.
Effectiveness: Now we come to healing effectively. What I mean by this is as a healer you'll cast the heal most suited for the situation regardless of mana cost (doesn't mean spamming the most costly heal but a full range of heals for the situation). This is important because with this new content, lots of raid wide damage and some crazy spikes a healer needs to be on the top of their game. Also one reason why 'dedicated' healers are assigned, in order for them to focus on the incoming damage and judge the best heals for the situation.
When healers need to heal effectively there will usually be less on the same target. Also there will usually be mana returns in place, such as Spriests/innervates/mana pots.
This is the most common healing 'method' in TBC and I'd imagine everywhere beyond.
Healing needs to match the encounter. Mana pools will follow.
Now I'm going to go into detail a little with druid healing, as... well... I'm a druid. :P
First thing to note, is that druids are insanely mana efficient, regardless of what you do.
20% cost reduction of spells in tree can be equated directly to 20% more mana. You'll get 20% more out of a mana pot, 20% more from each mana return tick out of a Spriest/innervate/MP5 etc. So right there they pull ahead a little.
Next thing you need to be aware of is that a tree druid maintaining lifebloom (as they all should since the fix) is locked into the global cooldown. They'll throw up their lifebloom every 6-7 seconds and need to do it again within the next 6-7 or risk it falling off.
So for a tree druid, mana consumption becomes very much tied to the global cooldown.
The final thing to consider, is that spirit for a tree is an extremely important stat. Not only for their own mana regen and innervate, but also the tree aura. So in stacking spirit for the heal aura, they'll gain a high mana regen without any effort at all. In this case it's not a matter of swapping MP5 for +heal if you don't go oom.
Of the casting options a tree has Lifebloom, Regrowth, Rejuv.
Lifebloom: Are the bread and butter of tree healing. They are insanely mana efficient and will need to be kept up on the main target the tree is healing. They're also the best choice for topping up most raid damage. These can be spammed forever without going oom. So if you're looking for something to cast, throw these around on people everywhere if you think they might take damage. It's hardly wastefull to do so.
Regrowth: Is the 'burst' heal for a druid (when swiftmend is not available). Terribly mana inefficient (though it is relative) and the only heal a tree will cast with a cast time. Keeping in mind the druid will need to refresh a lifebloom stack every 6-7 seconds, a regrowth has to be casted more strategically. If used on the raid, it'll usually be used on someone you suspect will take more damage very soon, and if they do, can be followed with a swiftmend or on a tank if you don't have another healer there to pick up any slack (or swiftmend is on cooldown). The nature of this is that it should not be used lightly, regardless of your mana pool.
Rejuv: There are two things important about this spell. One is that it lasts longer than a lifebloom and can stack along side it. For high damage (usually the MT) this will be running alongside the bloom . Most importantly however it opens up the possibility for Swiftmend.
This is the spell that can be used more liberally with mana constraints out the window. However even with this, a lifebloom can be more effective as it heals faster, while also giving a portion of the heals threat to someone else.
Bottom line for a tree healing, if you are casting something every global cooldown you are healing as much as you possibly can. A lot of trees do not actually need to pot very often so long as they innervate themselves. There are not many ways to cast inefficient spells for greater healing output. As a trees gear improves, their spirit will rise (for the aura) and so will their mana regen. The mana consumption however will not change.
Which brings me to the inevitable point. Innervate can be casted upon other players. So "if a tree was to pot gaining 'effectively' 20% more mana, could they not cast innervate on someone else?"
Short answer, yes, with heavy restrictions.
Rant answer:
It's spirit based, pure and simple. There are only a few classes that will benefit from it. Of those non-priests/druids that do not stack spirit, it's worth about as much mana as a single pot. On an 6 min cooldown. While on the druid / priest it can be worth as much as 3 pots.
This means that in theory you could squeeze a little more mana out by having the druid chain pot (assuming that covers their mana spending) and having them innervate a class that may not have as much spirit but is also chugging mana pots every cooldown.
The drawback of this however is that if a healer suddenly needs to heal less efficiently for whatever reason (another healer dies, tank takes more damage etc etc) or if a healer receives a SS / Brez in combat then you'll have this spell ready to restore them.
The other use (and imo the better use) of this spell, most notably in these 10 min fights, is that it has an 6 min cooldown. If not saved for an 'oh shit' moment, it can be used twice in one fight. This means that you can heal harder on the pulls than you would normally, and for druids means you can burn a little more mana getting hots up and stacked faster. It's especially important when your healers can, and usually will be struggling with mana around the final 1-2 mins of the encounter. Having innervate pop up then is lifesaving and worth its weight.