I've made a few calculations, but I am not sure I covered it all. If anyone stumbles across these numbers, feel free to correct me or add any smart comments. For the moment, I am too tired to continue... these numbers are "subject to change" all the time.
Character stats (based on current mp5-maxed blue gear, blue gems and talented crit%):
Mp5: 377
Crit rating: 890 = 19.39% holy spell crit
Base mana at 80: 4394
=> Flash of Light cost: 307 mana
Without latency, 10 minute fight...
= 400 Flash of Light
= 45240 regained mana from mp5
= 14310 regained mana from illumination
= total mana regen: 59550 (=5955 per minute)
= total mana cost for spamming Flash of Light without any pause: 12303 per minute
Total mana (expected) at level 80: ~15000
With BoK: ~16500
Arcane torrent spam (6% instant mana regen, 2 minutes cooldown) = 41 mp5
BoW = 109 Mp5
Superior mana oil = 14 mp5
Enchants on chest, boots, shoulders = 22 mp5
Divine plea (25% mana regen over 15 seconds, 1 minute cooldown) spam = 344 mp5
Sum buffed mana regen per minute: 6362
Total mana regen per minute: 5955+6362=12317
Mana reduction per minute: flash of light cost - total mana regen = 12303-12317 = -14
THIS is surprising, fantastic and strange... and it awakens my suspicious mind. Can it really be so, that if fighting with all available buffs, spamming all talents on every CD, Flash of Light spams will never drain your mana??! If this is true, paladins going the mp5 way (remember the stats are only from blue pre-raid gear!) will never go OOM.
Since this is truly amazing, please doublecheck my data if you are into numbers... and find any facts that I overlooked.