I haven't fully gotten into the rhythm of gauging Cata healing meters. But, they aren't necessarily absolute crap for healers... it's just a matter of looking at an overall picture rather than individual numbers. World of Logs will be a better gauge than a tool such as Recount, only because it lists out Uptime and other buffs cast, as well as a nice graph that really shows who was healing how much when.
It's important to realize the difference for healers than for dps and why meters are a more difficult gauge for healing. When you're doing damage, it does not matter what the other dps are doing. If Skippy casts a 60k fireball at someone a split second before James does a 60k explosive shot, both of those are going to count for 120k. However, if Pat is tanking, and he is down 30k health, the first healer to heal him for 30k will get credit for that, and all the other healers get credit towards overhealing. Your healing done is just that, the total healing actually done.
Most people consider HPS and Overhealing to be a better stat to look at, but each class is different. Paladins will tend to be higher than other classes on overhealing, due to Protector of the Innocent. Druids also tend to be high on overhealing. However, neither of these may be at an extreme mana cost.
Typically knowledge of the healing classes and their capabilities goes further, and it takes a little bit more healing dissection to use meters.