On raids the true cast time of COMPLETE HEAL was always a factor of how many clerics in the CH chain. If you had 5 clerics in the chain and they were on the ball, a COMPLETE HEAL would land on the tank every two seconds. That's pretty good healing even when fighting a tough raid boss. Throw in a few shamans and druids on spot healing duty with fast-cast heals and you end up with a tank who is essentially unkillable, as long as he can't be instantly one-rounded.
I don't see how the PROMISED RESTORATION family of spells is any kind of replacement for COMPLETE HEAL because PR cannot be chain-cast due to its very nature. Casting one PR on top of another just further delays the promised heal!
If they upgraded COMPLETE HEAL even just to 60k (the more the better)) it definitely could be used on hard-hitting named mobs as long as a large enough number of clerics were working together in a chain.
A COMPLETE HEAL chain was always a tedious task for clerics but when it was well-handled it worked literally "magic" on fighting boss mobs that could otherwise tear even a well-geared tank apart in seconds---as long as he had enough HPs to survive "instant death" in the form of a one-round attack.