1) Not sure what you mean. SPriest is capable of VERY good damage.
2) Yes you can?
3) Yes you can?
4) But at the same time, there are a lot of mobility utilities that weren't added to the game yet in Wrath too, which makes Leap of Faith less necessary.
So it's OK not to have it.
As Mercy said, you CAN mass dispell paladin's bubble or mage IB, and dispell wings. You've been mistaken there.
For the leap of faith, it's indeed a very good ability, with a lot of outpay potential, but with wotlk gameplay it's a lot less necessary than cata (no smoke, less mobility overall...).
The only good point of your post is kinda the first, but not in terms of DPS, but of gameplay. Spriest gameplay is a lot better in cata, at least in pve it's a fact.