Anything that reduces the healing required will be of some use so, I decided to how a few examples of how safeguard can be useful :
1 : Right now, this boss is not an issue in normal mode, but
http://www.wowhead.com/spell=92036 hurts a lot, it is very likely to be an issue in heroic mode. 30% of damage reduction of this ability equals (34125 to 35875 Fire damage every 1 sec to all enemies in front of him * 4 second * .30 damage in % saved from safeguard) = 43 000 damage saved without healing required on an ability with a potential of 143500 damage, which cannot kill someone, but in combinantion with the heroic factor and the AoE before and after it is better than a LOT of abilities.