Paragon has released videos of the first three 25 man encounters in Cataclysm from a Holy Paladin's PoV.
Thus far it appears Cataclysm PvE content jives well with Holy Paladin's style. On all three kills a paladin does the most healing despite being grouped with a Shaman and 2 Druids. The paladin is casting Holy Shock and Word of Glory liberally with Holy Light filler and nearly keeping Light of Dawn and Holy Radiance on CD. During each fight, every 25-35 sec, a spike of AoE damage hits the raid which allows for effective usage of LoD and HR.
Amidst many gripes about the new holy paladin, even though we can't account for all the variables in the footage such as gear disparity and skill of players (though I feel these are minimized as this is Paragon here people), these videos provide evidence of holy paladin's strengths at 85.
I am not as worried about "proc based healing" as I had been. HL and DL are filler so Infusion of Light is nearly a passive bonus. Now that the GCD for our filler isn't floored, we have some time to monitor for Daybreak and Eternal Glory procs. These talents provide burst healing but their real strength is mana efficiency. We already have a ton of cooldowns to help deal with periods of heavy damage (Avenging Wrath, Divine Favor, Hand of Sacrifice, Guardian of Ancient Kings, Lay on Hands). I'm optimistic.
Final note, the paladin was geared/gemmed with a focus on haste, spirit, and intellect.