FFXIV is very buff heavy, but Protect in it's current form fits the concept of ability bloat to an intense degree.
Another option to make it less "what is the point of this" would let it be more of the WHM mitigation skill. Right now, the deal is most healers don't even notice it missing as we have the power to heal instances just fine without it.
I think I just miss Stoneskin, which WAS horridly underutilized. :/
