Is it still worth it though?
Back when the Val'anyr was first announced, there was a lot of debate about it - from the proc effect to the (lower) stat values. It certainly falls behind in the stat value now, when compared to loot off say ToGC Anub, or H 25m Lich King. I think that's appropriate though, as it is two full tiers behind in content. I will say though, that other than the Spell Power, it isn't really that far behind the other weapons. Compared to my LK mace, I'm losing a total of 80 SP, 6 INT, a few crit, and swapping mp5 (LK) for Haste (Val).
Plus, there's the proc.
Now, I don't know how the proc will really stand up in H ICC content, but I'm fairly sure I won't be missing the other stats. 150 SP certainly won't break my HL spam (since there's a lot of overheal anyway), and I can see the shields being a nice perk in our 10m raiding. Much like the absorbtion of Sacred Shield, even absorbing 1500 points off an attack is still something - and 1500 I don't have to heal back.
The fact that it puts the shield on your Beaconed target is just pure gravy.
There was a thread on our forums where someone was debating the validity of the Val'anyr, when compared to weapons like Trauma or the LK weapons. After seeing Trauma in action on our resto shaman, I can definitely see the value of having that weapon in the hands of a shaman or druid, but for pure tank healing - I think it falls short (amazing for healing raid members though).
The other advantage to having a weapon like this, is that I won't be competing against the warlocks/mages for the LK caster sword. I won't be taking a mace away from the priests, shamans, or druids - and it's not like I'm eligible for staves.
What I don't like
Val'anyr, like so many other items/trinkets, is a proc based weapon, meaning there's a 'chance' it will go off on every heal/HOT tick. I've also found that it can proc when casting Sacred Shield and Beacon of Light. The issue with this is you can't count on the proc to be up when you really need it. Proc in the first 15 seconds of Festergut? Nice, but the tank isn't really in trouble. Proc after three inhales? That would be priceless.
Of course, I don't like 'on use' trinkets either. I always wind up saving them until it's so far along that I never use them. Kind of like my Lay on Hands, though I'm getting better at that.
In the end, I don't think having the mace will make a world of difference, except psychologically. It's nice to have, and seeing the bubbles pop up is amazing. I'm glad I had the opportunity to get it, even if it was late in the game, and I'm sure it will be something I use for a long while. At least until it gets the Thunderfury nerf treatment.