Valiance and Vallation are exactly the same, except one is AoE and the other is single target. They also generate the same amount of enmity, except Valiance gives an equivalent amount of enmity based on the number of targets affected by it.

They've done these tests on BG already.

Liement comes in before Magic Damage reductions, but not before Magic Defense Bonus. Each rune active increases the amount healed by 10% or so.