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I don't see why you're making this analogy. I see this as a HPS increase, assuming that it's not jumping to someone that already has a rejuv on them (unless they stack, which would be sweet). With the nerf to rejuv coming in 3.3, assuming you're blanketing the raid in rejuvs, there will be 3 less people with rejuv ticking on them than there was pre 3.3. The 4pc bonus has the potential to increase the number of people in your raid with rejuv on them. That's a HPS increase. I don't think this is meant to be a "Well now I don't have to cast rejuv as much" bonus.
*nods* Hmm, okay I'll delve a little further.
Even with the incoming RJ nerf it should still be possible for 1 druid to blanket a 10-man or 2 druids to basically blanket a 25-man, in extreme cases of raid-wide arua-type damage. In this case you can't increase your HPS by adding additional RJs, because RJ is already on everyone. So it will simply become a mana-savings.
I guess in a perfect situation I'd argue everyone taking damage should have RJ (or at least another HoT) on them. Everyone not taking damage shouldn't. Of course I'm assuming the druid could perfectly predict where incoming damage is headed. While this is impossible, I'd also add many of the better trees out there can do this surprisingly well. In this circumstance, a jumping RJ would either over-write a existing HoT (again an Mp5 boost) or be over-healing. Though it would give a swiftmendable HoT to help react to random spike damage, so it's not without a benefit, even in 100% over-healing cases.
In a sense if you are staying 'ahead' of the damage, like many raid-healing druids attempt to do, chances are this is going to be mostly wasted. If you have fallen behind and are reacting to raid damage, this might help you get caught up.
I guess if they stack, or jump intelligently, this could be a great bonus to a druid struggling to keep up with incoming raid damage. If not it's going to be 'meh'. Either way I suppose it's pure speculation till it actually goes live though. :)