Well, try holy in an arena and you'll see why it doesn't work quickly enough.
Just compare the talent trees:
The only holy PvP talents are Spell warding, Blessed recovery, Holy Nova, Blessed resilience and perhaps Spirit of redemption. 3 of those make you a bit more survivable, one is a nifty tool against stealthed players and one will now and then save the day when both you and an enemy dies.
Now lets go to discipline; in the first tree there's 15% stun resistance, sweet! Next up is a talent that gives -30% dispel chance, a +15% PW:Shield enhancer (and you will use shield A LOT in arenas), and martyrdom, which alone is basically just as good as blessed resilience. Next up is inner focus allowing for a free likely crit at will. Then we get improved mana burn, which is simply a must in long fights where you need to mana burn down the enemy's mana. Then we finally get a tier level without a PvP talent. After that follows a talent making your mass dispel near instant, ensuring needed wtfpwnage against paladins. Next up are another 3 whopping talents. Focussed will combined with martyrdom pretty much ensure that Ãf you get crit you can heal yourself up with ease. Power infusion combined with imp mana burn make your mana burns 1,5 sec cast, which is insane if you can CC an enemy healer down for a second or 6. Reflective shield means 50% of the damage done to your shield (your most-used ability) will also be done to the enemy! With enough healing on you or your partner you can use solely that talent to kill a rogue! And at this point there's "only" Pain Supression left. Whenever somebody gets focussed you throw that on them, forcing your enemies to change targets or let half of their DPS be wasted. It's basically a watered down paladin bubble.
I reckon even the amount of text should make clear why disc > holy. I'm not saying holy PvP can't be done... the thing is just that in PvP you don't usually have the time to throw up big heals and you're relying on mostly shield+renew while jumping around. Discipline makes you more durable when jumping around and improves your shield a lot. Holy... pretty much makes sure your greater heals can do a lot of damage if you don't get killed.
Still, now that somebody's mentioned it, doing PvP as 'mainly' holy might be interesting. The main problem with building such a tree is that you have to stop putting points in holy after Blessed resilience, since everything that comes up at that point is utterly useless for PvP (Alright, Circle of healing might have some use in 5v5). For holy PvP I'd probably go something like
this, and even then I'm still pretty deep in discipline as you can see.