I run a Priest/4 Hunter setup (lvl 72 atm) and it's a much more PvE-viable group with the 3.0 pet changes. Some boss fights are still a bit of a challenge with no "true" tank (hard to position, etc.) but I can clear trash in a huge hurry. I haven't done much with PvP yet, but I agree with above posters about trying a Pally or Druid healer instead, due to survivability. Priests are very squishy.

I currently spec 3xBM and 1xMM (for TSA). I tried Surv and hated it. The dps lagged badly, mainly because it requires more micro-management than BM, and the Mana regen buff didn't seem too impressive.

In Northrend, I was able to clear the first boss in Utgarde and The Nexus as brand-new 70s and cleared all of Utgarde at 72, with the exception of Ingvar (got him to 4% - arrrgghh). I'm not sure how this combo will scale, but it's a lot of fun right now. Not as good all-around as Shamans, but still viable, in my opinion.