First I would like to say as a paladin healer the former libram is my personal preference as it is as well by many others.
A link to said libram on wowhead: http://www.wowhead.com/?item=40705
This libram is superior as it helps make Holy Light which has become the primary heal more efficient.
Then we have the Libram of Tolerance: http://www.wowhead.com/?item=40268#comments
To Quote Frmorisson in the comments on that page "This is not a good libram, since HL tends to overheal a lot anyway. Use the mana reduction off HL instead of you use a lot of HL." Every single argument there is valid, the only fights where it can be considered superior is Loathab. Add that into the four piece set bonus of tier 7 and Wisdom Seal glyph and Tolerance just doesn't stand a chance compared to Renewal.
And with the Illumination returns from a crit heal coming BEFORE reductions I would like to recommend putting the rating on Renewal compared to Tolerance at least equal if not rated higher. Hopefully someone will agree, but if there is trouble understanding why I am suggesting this I would be happy to give a more in depth view
.... (PS: sorry if my grammar and spelling makes you want to tear your eyes out... least it isn't caps lock?)