People including I Perma Mobs like to compare apples to oranges, unless your HB monk is bringing Guardian, don't compare guardian to Weapon of Warding, because a resto rit can bring both it and redbar to the table.
If your getting hit for 80-100 damage, weapon of warding is vastly superior energy wise to Dwaynas Kiss, regardless of overhealing.
If .25 seconds is the difference between a death and a safe ally, your a bad player and your bar sucks (course, your team build could also be lacking for the area.
Rejuvenation is a smart heal, it only heals party members that need the health, unless they are taking <~8-9 damage the periodic health gain will not be wasted in any meaningful way to make the spirit terrible.
Rit Lord lets you spam Life and Rejuv for crazy party heals, Life's recharge shortens and its "on death" effect becomes more potent with rit lord, allowing the ritualist to cast Life almost seemingly back to back (with a bit brief lapse of around ~8-10 seconds) for smaller (yet still potent when comparing Heal Party).
Rejuv + Rit lord = stronger Rejuv that can be easily replaced by another Rejuv when the other eventually dies out.
Time for numbers.
This evaluation is between a 14 HP 13 DF HB Monk and a 14 Resto 13 SP Rit
This experiment assumes your choice of Rez is unimportant, as it does not bring any sort of hindrance to your overall heal style (ofc haters are prolly gunna hate over this).
HB Monk (cuz thats what this is about amirite?)
-Dwayna's Kiss
-Patient Spirit
-LoLrison of Health (orison of health)
-Heal Party
-Glyph of Lesser Energy
-Ethereal Light
-Selfless Spirit
-HB (durr, it will be used for calculations)
-Word Of Comfort
-Cure Hex
-Spotless Mind/Soul
-Signet of Rejuvenation
-Vigorous Spirit
-Seed of Life
I will be number crunching the heals that are commonly used (no point in showing numbers for Orison, as everyone knows its terrible compared to the better redbar).
D-kiss
57 +33 per ench/hex * 1.5 (HB) +42 = 85 + 49 per ench/hex +42
heals for 127 with no ench/hex, though that is rarely the case

3 second recharge with a 0.5 cast time (can be used every 3.5 seconds)
Patient Spirit
114 * 1.5 (HB) +42 = 171 + 42 = 213 two second delay (hardly an issue unless your prots suck). Recharge is 4 seconds, with a .125 cast time (can be used every 4.125 seconds)
Cure Hex
114 * 1.5 (HB) + 42 = 171 + 42 = 213 requires a hex, and removes a hex.
Recharge is 12 seconds plus a cast time of 0.5 seconds. (can be used every 12.5 seconds)
Heal Party
72 * 1.5 (HB) +42 on self = 108 to all party members and an additional 42 to you. Constrains energy unless you use glyph. (Has a recharge of 2 seconds and a cast time of 1 second, not recommended for prolong use with its 15e cost). To use this skill back to back with a Glyph requires ~7 seconds (it will feel as such with the .75 after cast delay on all skills used). This can be done every 30 seconds.
Glyph Cast - 1 second
0.75 after cast
Cast Heal Party
0.75 after cast
Dead time, waiting for recharge - 2 seconds
Cast Heal Party
Aftercast delay(irrelevant since the entire effect is realized)
Glyph of Lesser Energy
-10 on energy cost of next two spells within 15 seconds of activation for 5e. 30 second recharge. Assuming you use it with Heal Party, this nets you (20-5)/31 energy per second ~0.48 energy per second if used on recharge for heal party, much less if used on 5e spells.
Signet of Rejuvenation
-not always seen, might as well mention it though since it is a free heal.
71 HP + 71 HP if used on someone attacking / casting (not you or a kiting friend) = 142 when used correctly, otherwise mediocre.
Seed of Life
-Hard to quantify, since its effect behaves more like a prot with area effect then a heal, it is still very good and a very potent reason to bring a monk. It's behavior and effect is based on how many times the target gets hit.
I can add any other spells to the calc if desired.
Resto Rit
Skills seen:
-Life
-Rejuvenation
-Mend Body and Soul
-Spirit Light
-Weapon of Warding (it may be prot, but it can be brought effortlessly)
-Protective was Kaolai
-Spirit Channeling
-Ritual Lord
-Recovery (might as well mention it)
-Recuperation
-Xinrai's Weapon (lol worthy considering it is elite)
-Weapon of Remedy (with MBAS, it is in the same boat)
-Attuned was Songkai + Serpent's Quickness (give up on Prot was Kao and Selfless spirit)
-Selfless Spirit (unless your secondary is required, there is no reason not to go /mo if you want extra e management)
- Spirit Transfer
- Boon Of Creation
-Signet of Creation
Mend Body and Soul
109 HP + 1 condition per spirit in earshot. 3 second recharge, 3/4 second cast. can be used every 3.75 seconds or so. Compared to HB, MBAS grants instant condi removal to the target and its condition is easy to meet (Word of Comfort is lulzy compared to other heals and Spotless Soul periodically removes conditions).
Spirit Light
172 HP 4 second recharge, 1 second cast. Can be used every 5 seconds or so. Health sac if not near a spirit (easy to meet condition). Slow heal, heals for more then most ritualist redbar skills, usually used in situations where you need a strong heal, and the target is not in danger of dying.
Weapon Of Warding
12 second 50% block chance (when you factor in SP), 5 second recharge, 1 second cast, can be used every 6 seconds. (has HP regen to boot, but its too negligible to quantify, you don't cast it for the regen)
Protective Was Kaolai
10e cost, 25 recharge 1 sec cast, can be saved back to back. heals for 80 HP to all allies. every ~26 seconds you can use a back to back kaolai drop for 160 HP, requires ~3 seconds and 10e ~26 seconds ago and 10e immediately to perform this.
Life
Heals for 7 HP per second alive (up to 20 seconds) to all party members in spirit range (halfway between compass and radar-minimap range). Its duration = to its recharge, can be placed every 20.75 seconds.
Important to note - huge synergy with Rit lord, not only does it heal for 8 per second alive. But its recharge will be much less, allowing a prospective player to drop a Life within spirit range of another Life to quickly mop up damage for a minimum of ~80 HP (IE within 10 seconds of the 1st Life placement) to all party members. This skill is great for passive party heals when the party pressure is present, but risk of immediate death is small. It also heals minions.
Rejuvenation
10e, 30 second recharge, can be used every 30.75 seconds. Heals party members within ear shot for 10 HP per second (no overheal to worry about). At 14 resto 13 SP, it has 654 health to give among your party members, for an average of 82 health for 8 party members. With Rit Lord, its recharge is essentially ~14-15 seconds, with 890 HP, for an average of 111 health to all party members.
Recuperation
25e, 45 second recharge, 43 duration, 51 with Rit lord. Heals all party members for +3 regen. Requires a rune switch to get to 19 resto when casting with rit lord to heal all party members for +4 regen. Almost requires Summon Spirit. Only advisable in areas with very large amounts of prot (ER or Soul Twister).
Spirit Transfer
10e, 5 sec recharge, can be cast every 5.25 seconds. Heals a target for 47*5 HP = 235 HP
Signet of Creation
20 second recharge, grants 4 energy per spirit, up to a max of 11 energy
Efficiency:
With 1 spirit: - 4e/21seconds = 0.19e/sec
With 2 spirits: - 8e/21 seconds = 0.38e/sec
With 3 spirits: - 11e/21 seconds = 0.52e/sec
Boon of Creation
Hard to measure, however at a glance it halves Life's and Rejuv's e cost. Assuming you do not use a 20% ench lengthen mod. Boon Lasts 54 seconds which is essentially a minute. Without Rit Lord, Life is cast 3 times per minute and Rejuv is cast twice per minute, though this is hardly required unless your parties' prot sucks that bad

. 10e was subtracted from the cost for the people QQing about its 10e cost, though with proper casting inbetween battles the cost can be trivialized, nevertheless.
With Life, no Rejuv: 15e-10e/60 = 0.083e/sec
With Life and Rejuv: 15e+10e-10e = 0.4e/sec
With Rejuv, no Life: breakeven, no benefit LOL
These calculations assume you do not follow the fact that the cast time intrinsically increases the recharge time of the spirit by ~1 second.
Spirit Channeling
5e cost, gain 11e if you are within range of a spirit. 5e regen over 12 seconds (more with a ench lengthen mod), can be used every 31 seconds.
6e+ ((12*5)/3)/31 = 1.16e/sec when given e regen, 3 pips of e regen is equivalent to 1 energy gained per second.
All spells with conditions associated with spirits did not account for spirit cost because a good resto should be laying down spirits/ congregating around spirits anyway

.
I did not include some of the other rit skills if asked, I will calc them to the best of my ability.
When glancing at the results:
-HB monks have superb HP/sec on single target heals compared to resto.
-HB party heals are limited by energy, and the tools to heal your party efficiently are limited by recharge, it takes a little while to get the stream of party heals flowing though seed of Life remedies this with correct usage.
-Resto has a lot more e management options available to it, and can effortlessly add one or more e-management skills to their bar to counteract the less efficient heals.
-Resto's party heals are numerous, can be added in 1s or 2s to a bar without a huge loss in bar space.
-HB requires precision on the human player's part (heroes know when to heal for max efficiency) to prevent overheal (otherwise the strength is wasted).
-The Resto's Party heals require more user precision in skill usage and preperation, prot was kaolai requires preemptive bundle holding if a spike in damage is anticipated, as does Life. Rit Lord is needed for Life and Rejuv to get to max effect. Rejuv is a smart heal party that heals people when they need it though it only lasts in earshot range.
That is what I found from looking at all the tools both backliners have to complete their jobs.
In my mortal opinion I prefer prots to big heals, with a party healer accompanying the protter to counter party pressure.