You're still missing the point, which is exactly the same MP efficiency that you're talking about. Unless you're half-naked due to being in Salvage, a good Cure spell will likely be more MP efficient than a Regen spell due to Orison Pantaloons +2 and Orison Bliault +2. This is especially true for a fellow without Regen merits.

Nobody is saying that Regen spells are bad. Cure spells are just super-awesome now, and Regen spells have obviously not received the same benefits. This has reduced the usefulness of Regen spells greatly by making Cure spells relatively more useful.

You would have been right if it were this time last year. You're not right now, and you're yelling at a math equation.