Much of the dilemma I've run into so far with TBC raiding is finding exactly *what* the raid requires of me. When all the feral business got buffed, many of our Druids went feral, while others left the raid game entirely in January.
So we currently have 4 Druids in the guild. The thing with picking specs is that you need to take into account how many Druids you are bringing to a raid, and ensure they are each filling a niche for the healing. It has been better to have a variety of builds amongst us, than all of us specc'd into exactly the same thing.
For example, in my guild is not worth bringing more than 1 tree to a 25-man raid. We don't really use trees at all in Karazhan (there was a couple of occassions, but its not the usual way we approach that instance). The thing with trees, as has been mentioned already, is they are too inflexible.
Now 1 tree healing on the MT on Maulgar, alongside a priest and a paladin is a fair mix. But after several attempts the first couple times, I found it much more efficient and better (read: safer for our tanks vitality) to use HT for healing.
Couple that with the fact that Karazhan is so hybrid friendly, I use a balance/resto spec most of the time so I can maintain effective flexibility. I am usually filling a hybrid heal/dps slot there, so I'm not a main healer. I supplement damage and healing as needed for encounters.
Here's the 1st build I tried:
http://www.wowhead.com/?talent=MtLrzVcshZZxxctcqb0o
It was very decent and viable, but it didn't do enough in terms of helping damage in Karazhan. I only used this build in that dungeon. Learned the hard way that I may as well have done Moonkin. But at the time I wanted to have stronger HoTs. I just didn't realize that this build didn't have the mana efficiency required to uphold both ends of the bargain at that time.
Here's the 2nd build I tried:
http://www.wowhead.com/?talent=Mt0rdicsxuZZxxIxho
I went for buffage, mana efficiency, and situational healing. I enjoy this build very much, but it certainly requires a larger intellect pool. Mine is less than optimal, but I'm working on it, and so far, this build has been solid.
For Maulgar, we usually have 2-3 Druids. Two are heal specc'd, one is usually bear. We use 1 tree and 1 HT maxed druid (37 in resto with Natural Perfection). We've gone in with two trees before, but it didn't work out how I thought. Though that Tree Druid doesn't *have* to use tree form, when you spec that deep into Resto, placing those left over points is a sad task; there is rarely any place worth putting them. Which brings me back to our initial issue: speccing balance/resto instead of full resto, since trees have been more of a hinderance to our raids than a help. Perhaps we are not properly assigning the tree roles within the raid. Either way, HoTs seem most useful when used on someone that is not going to be taking a lot of damage (ie, rogues, shamans, other healers, etc).
Right now, I intend to have at least 1 tree in a raid, but that is becoming hard to justify. It is *too* specialized and limiting, not flexible enough.