Now I'd like to draw a comparison for you. Most healers, even if they don't play other healer classes, are at least familiar with how they work. Shamans work with totems. In PvE, one of their top heals, and indeed one of the smartest smart heals in the game, is healing stream totem. For those of you who don't play shamans, this is a totem that lasts for 15 seconds, and has a 30 second cooldown. It costs right around 14k mana to drop, but if you glyph totemic recall, you can recall it at the 14th second, and regain that mana, so it's completely free, except for one extra GCD. All good shamans do this in PvE. In PvP, sometimes it isn't worth the GCD to recall it, as there tends to be more "panic" healing in PvP. However, even in PvP, this is one of the shaman's best tools.
For my shaman (471 iLevel) HST ticks for about 26k, unbuffed. So, for its 30 second duration, I get 8 ticks of HST, or 208k healing. It's a very strong spell.
I think most of you can already see where I'm going with this. Chi wave in 5.2 will work almost identically to HST. HST gives 8 ticks per 30 seconds, chi wave gives 8 ticks per 30 seconds. In nearly the same gear on both characters, HST ticks for about 26k, chi wave ticks for about 27k. When managed properly, HST is completely free healing. Chi wave is also completely free healing. Over 30 seconds, HST requires 2 GCDs. (One to place, one to destroy.) Over 30 seconds, chi wave, yes you guessed it, requires 2 GCDs.
There are two differences between them. HST has no travel time, which makes it a smarter heal that is less likely to overheal. If chi wave is bouncing its maximum distance, it can be a bit dumb for a smart heal. However, it is still a smart heal, and most of the time it has sufficient intelligence to heal the right people. It really doesn't overheal much more than HST. And HST doesn't do damage. Ours does.
So before you complain about how crappy chi wave is, and how it isn't worth the GCD, first go tell the shamans that it's a waste of two GCDs to use HST. I have a funny feeling they will laugh at you.
Then go tell the other healing classes that we're losing a spell that was only marginally better than uplift in some circumstances, and in trade we're getting healing stream totem. I bet they'll tell you to go !@#$ yourself.
Put things in perspective.