I have only bot maged, but mana over hp seems right to me. Being able to cast an extra coth from fm is a nice win for stabilizing coth engages.
I have a manna robe on my enchanter. If the raid needs me to have mana ASAP I can often get twitches or at least spot heals to cover robe clicks, so max hp isn't typically a major concern for that purpose. (That said he's hp geared for charming already, and enchanters aren't magicians.)
Counterpoint: I have survived a hit while quadding. It's rare to get hit and rarer still for gear to make a difference, but saving a quad would be big.
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