With ilvl 277 weapons in Icecrown with 836 spellpower, it's a bit of a stretch to leave this at number 1. The proc still nets it a ton of credit though.
I'm going to take the dangerous road and put this item below Val'anyr for Holy Light paladins. It's an amazing item, and if you're not under the chains of Val'anyr you should definitely get it. BUT, Val'anyr provides holy paladins with probably the best bonus out of any healer in terms of damage prevention and percentage of healing done considering WHO we heal. I just don't see this ilvl replacing Val'anyr, and I have a feeling the orange will be equipped into Cataclysm.
This is technically superior to Lockjaw though it loses mp5. If you're hurting for a weapon I recommend this over Lockjaw if you're rocking tons of high end ICC 25 heroic gear. A little hit honestly isn't bad, I've literally judged 3 times in a row with misses during something like Lich king and my haste buff fell off.
The ICC 25 LK sword with sp/haste in normal mode could be considered worse depending on how much Trauma's proc is valued. I have not heard great things about it, so it rates lower here.
It's an interesting weapon but it has no stats. Likely a weapon of choice for many healers. Until the proc scales with spellpower it's worse than the Grand Crusader 25 socket weapon.