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From my experience, and from looking at logs and such, Holy Paladins are in a really solid spot right now. They're really stable with their mana and have a good toolbox of heals and utility spells. Holy right now is under-represented with Disc. being blatantly OP right now (that should be changing in 5.2). I'd recommend trying out a paladin for PvE raid content, a Holy priest is still viable but it doesn't to be performing on-par with paladins in the healing department currently. Icy-Veins should have the stat priorities for both of the classes.
For PvE, both are viable.
For PvP, Holy priest is not now nor has it ever been since TBC a viable class. Blzzard has actually made design choices that have made Holy priest worse.
Therefore if you plan to do anything else with your healer, you should not roll priest.
If you're starting to level a toon now, it's likely you won't be raiding in 5.2.
IMO, you should focus on the mechanics of the class.
From a PvE perspective
A holy paladin's toolkit is simple, effective, and efficient. They deal with two resource systems (mana and Holy Power), and they're both easily managed. Lets take a look:
Instant strong heal that genrates Holy Power
Instant strong heal with a HoT that consumes holy power
Slow Strong heal
Fast Strong heal
A way to stack absorbs, front loading your healing during damage lulls.
Strong AoE healing, hard cast and instant. Limted by range.
A beacon that duplicates all direct healing to a secondary target
A priest's toolkit is more complicated. You also have two resource systems to manage (mana and chakra)
Instant HoT that is mediocre
Instant direct heal that is also mediocre, and refreshes your HoT*
Slow strong heal
Fast strong heal
Instant mediocre smart aoe heal
Strong AoE heal that is limited to groups and range
Instant small aoe HoT that is limited by range*
*effect dependant on chakra... only one chakra can be active at a time
IMO, the design differences between Holy Priest and Holy Pally reflect the age of thier respective classes. HPally is a newer design and is much easier to master.
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