It is, it really is. Pretty much just a random buff to <classes that stack high intellect>... probably mostly for mages to compensate for the whole warlock-infinite-mana-lifetapping thing and sustained raid dps. It gives arcane mages, and other mages too I guess more of a reason to stack spirit in a raidy environment, which incidentally also gives better mana regen elsewhere too.
What it does not do is benefit classes that, by their design, don't get any I5SR regen from spirit, which means these classes will continue to not get Spirit on their optimal raid gear and their mana regen will continue to suck, both inside and outside of raids. Bliz will most likely make up to this with random buffs to mana regen in the style of Water Shield, AotV and the increase of the pally mana return on judgement talent from 50% of the judged seal to 80%.
These buffs don't really scale in any meaningful way tho, well AotV does but only linearly not at x^1.5, so basically Bliz LOLs at you and their answer will probably be: get more shadow priests. "We do not attempt to balance the game, we just give out random buffs as we feel like it."
(I was going to comment on the base_regen curve but it doesn't look so bad, here's a graphic:
it isn't the same as the ratings curve, the ratio between lvl 70 and lvl 60 is only 1.39, as opposed to 1.58 for ratings, but that's justified by the shift from int focus to dmg focus... so they only have a normal-sized lulziness from the mana efficiency scaling with constant mana scaling + constant healing efficiency scaling instead of an absurd like, 3-way problem from X^1.5 mana regen scaling and healing efficiency scaling.
Sorry if anyone already mentioned this)