For one, I understand the direction that Blizz is making healers head towards. Make it less of a spam-fest, make it challenging and interesting, more "tactical" healing. While I am all for and approve of this direction, I agree with many people on this forum that healing is broken, currently.
Now now children, hear me out!
1) Are we under-geared? In essence, yes. Gear helps out quite a bit (skill is just as important!). There is a new stat to manage (spirit) and Blizz themselves said that mana regen would be far more important now than ever. Remember, we are not in our uber-awesome epics anymore.
2) Are we just terrible healers? Well I've never seen anyone actually admit they were a terrible healer, however, this is part of the new mechanics that Blizz is implementing. No more spam-heals that can instantly cap us, no more alt-tabbing for Facebook goodness, and certainly no more steam-rolling dungeons. Cataclysm hasn't been out for more than a few days and it's understandable that some people just don't "get" it yet. We are back to the days of CC and interrupts which if you asked me was a much needed change. This is part of the problem from my personal experience and from what I'm seeing on the forums. Some new management of skills is needed for all of us healers!
3) Wahhh! I go OOM in 7 seconds flat! Again, this is to be expected from being under-geared (see #1). Heals are costing more to come to terms with the new healing vision. Is this still a problem? Yes! I do believe from the numbers I have seen (and I'm too lazy to post them, use search) that healing is a bit under right now. Remember people, Cataclysm was released just days ago! These things can always be ironed out.
+ Heals take skill to use effectively now!
+ Gear will make things better over time
+ New direction of healing is fresh and much needed
- Heals cost too much currently
- Mana mana mana
- People just don't "get" it yet in the Cata-era of WoW.