From what I've done working with Paladin healers in my guild, I believe INT to be the most important stat a Holy Paladin can have. Stacking MP5 is a good idea if you stay with FoL spam (but you don't necessarily have to gem for it,) as you'll get more mana point for point that way, but if you ever go HL Spam, it's a good idea to stack crit instead as you'll get more mana back that way.
There are quite a few cost-reducing talents that make HL spam viable now, and since Illumination is based off of base mana cost and stacking 4p T7 bonus, Libram of Renewal and Glyph of Seal of Wisdom greatly reduce the cost of the spell.
Erm, to get back on track, Intellect is where it's at lately for Holy Pallies, as an example, 100 INT give you something like:
126.5 Intellect, with BoK and Divine Intellect
1897 Mana
39.5mp5 from Divine Plea on CD.
21.3mp5 from Replenishment
25.3 Spell Power
~0.76% Spell Crit
Critical Heals end up healing for 1.5x more and cost 2/5 as much mana, at level 80 you'll get about 2.17% crit from 100CR. Crit starts out not being that great compared to other stats but winds up being amazing. It scales with itself because the mana you WOULD use casting the spell that crit can be used casting another spell it also scales with how big your effective mana pool is.
Haste is pretty nice, if you manage to get 20.6% haste rating (around 700 haste, kind of ridiculous I know) you'll be at a one second GCD.
MP5 is not totally worthless, but (and I didn't intend to be this long winded) but as you can see you didn't have to go out on a limb to get gemmed MP5.
Hey mage, can you pop this lockbox for me?
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