This question is a debate for the ages however at the moment there are some HUGE things to consider
Raid healing has changed a lot even druids can no longer just HoT (Heal over time) everyone up and sit back and relax ..if you are gonna drop a hot on everyone constantly your gonna OOM faster than anything ((out of Mana)) However for periods of increased damage their hots are godly. All in all still an amazing raid healer and if speced out right a decent tank healer as well.
Shamans are currently one of the best tank healers in the game and with Spirit link totem can make insanely decent raid healers as well but you need to ask yourself if you are able to quickly and properly prioritize targets as a shaman due to the fact that their bigger heals do cost a LOT of mana.
Disc priests at the moment are gods .. pure and simple I see two-three in raids and sometimes even 4-5 in 25 mans .. they can heal like crazy and their hots are nothing to sneeze at and with Divine Aegis they are negation kings. Disc priests in raids do face the problem of mana regen just like anyone else does but for the most part since their bubbles pop fast against a raid boss they are fairly mana stable.
Holy Priests .. now this one is a bit of a debate at the moment as even blizzard has said that come 4.3 they are getting reworked to be more viable. They have some of the best group heals in the game and are very close to insane with the ability to refresh renew on a target.
Last ...Holy Pallys .. lol ... Tank healers extraordinaire. These masters of the light can easily heal two tanks for raids at the same time with beacon of light and in a pinch with Holy Radiance and Light of Dawn could make an ok group healer but I wouldn't make them raid healers
Hope this helps
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