I posted this about a month ago. Although the cap was 80 and we didn't have Refresh, it's still relavent. Comparing SCH and RDM is a little more than comparing Sublimation and Convert+Refresh. Doesn't necessarily mean SCH wins, but you need to take into consideration more than just
MP regen tools.
As a side note, SCH let's us use Desert Boots now.
Ignoring what they have in common, /SCH offers -na spells, Erase, Regen II, Reraise, Drain, Aspir, Sleeps, Strategems (Accension/Manifestation are amazing), Sublimation, and B+ skills mostly for Sleeps, Drains, and Aspirs. /RDM offers Barspells (single target only with half skill), Blink, Stoneskin, Phalanx, and the crowning jewel of Convert.
Convert, to me, isn't worth giving up everything /SCH can offer, especially since /SCH offers it's own MP recovery tools. We can Ward for Blink and Stoneskin, so those are purely for convenience, and Noctoshield is marginally more potent than a half level Phalanx, even with merits. Earthen Ward's duration is signficantly longer than Stoneskin, and while you can potentially cap SS at 350, Earthen Ward is always static no matter gear (and AoE). We can Ward for -Na spells too (Spring Water), but since Ward is on a universal timer, having the -na spell from sub is more efficient.
Of course, this is all subject to change at 82 when we'll have access to Refresh, but I'd still be hard pressed to give up all the tools /SCH offers for what amounts to Convert and Refresh. I'm admittedly biased against Convert on SMN. On RDM, I almost have a 1:1 convert ratio for HP:MP naturally, so I don't have a lot of +HP gear. This doesn't translate so well into SMN. I'm a Taru. :(
Now as far as skills are concerned. Phalanx, at 118 skill, will only reduce damage by 9 points. 8 merits would only bring that up to 11. Noctoshield will hover around 13 points. Stoneskin fairs slightly better, but at 118 enhancing, you'd need 141 total MND to cap it, 136 total MND with 8 merits. Earthen Ward will do 210 (80*2+50) consistently. Enfeebling (and elemental I guess) is a crapshoot since you're loosing well over half your skill of a main and all the magic accuracy it includes. This goes the same for Ninjustu, too. /SCH offers the work around of B+ing your skill so you can actually sleep things! 8 merits will never change anything in enhancing or enfeebling (or ninjutsu but that's outside the realm of SMN so I don't care what you do).
Dispel is, fortunately, naturally accurate, so a half level enfeebling skill doesn't matter. Both /SCH and /RDM offer it.
I stopped using /WHM when /SCH offered most of the same tools. Boils down to offering Viruna, Stona, Divine Seal, and Barspellras. I only bring out /WHM if I knew I'd be using Viruna and Stona a lot, for specific mobs.
SCH to me isn't so much about comparing Convert to Sublimation as it is have a variety of tools while still keeping some MP recovery ones. Convert is obviously the best MP recovery JA, but at the cost of versatility SCH provides. Fortunately, we can replicate a lot of it with BPs. Unfortunately, that ties up our timers even more. It's a give and take, and you'll find a preference. Mine is (obviously) /SCH at the moment.