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Multiple paladins can stack different ranks of the judgements on the same mob. The last time my raid group killed Ragnaros we didn't have enough priests to do AoE heals on the rogues, so the three paladins in the melee groups coordinated different ranks of Judgement of Light on him, and the rogues and dps warriors ended up healing themselves a lot.
Reportedly this was nerfed in the 1.8 patch so that now you can only have one rank each of JoW and JoL on a monster, though I haven't had a chance to confirm this.
Also, there's apparently some kind of aggro screwup when JoL and JoW proc since the patch. Not sure if this has been hotfixed or not.