Goal Line Technology - Godsend or Complete Waste?

After hearing someone mention the phrase 'goal line technology' many football fans would tend to sit up straight and prepare themselves for a lengthy debate on the subject and point out all that is wrong with the game right now and the various high profile errors caused by lack of the technology. To start with, a fairly recent error at the World Cup in South Africa when Frank Lampard shot from long range and it clearly crossed the line by at least a foot but the referee or 4th official did not give the goal. Even the Germany keeper who England were playing against said it was a clear goal. Coming from behind and entering half time level would have changed the mentality of the England team and morale would have been boosted but they were left with the thought of having an obvious goal disallowed and how they were to come back from a deficit when it should have been an equaliser. I am not saying in any way England would have won if the goal was given, that is impossible to tell in fact it is even possible they could have lost by an even bigger margin, you never know but the point is that goal should have  been allowed and it seems an injustice to Lampard and the squad for having such a fine effort and meaningful effort disregarded. One reason FIFA will not allow goal line technology is because of the cost. It is said the cost of implementing the technology would be vast and time consuming also as tests would have to be run and many developments and prototypes would be built and installed, increasing costs but who is really paying for it? Is it the games governing body in monetry terms, money they can easily earn back in revenues by the way, or is it the paying fans who pay to see their team win and they see a goal disallowed because FIFA do not want to spend any money? Another high profile blunder is the game in 2005 between Tottenham and Manchester United where Mendes shot from a very long way out and the ball beat Roy Carroll by at least a yard before the keeper tossed it back out again. The referee and the 4th official saw it as a save and the goal was not given. If the technology was introduced, would it really diminish the powers of the referee as some say? Or would it simply help him do a job to a higher standard so players and fans can get the most out of the game without feeling cheated? The referee is only human and so is bound to make mistakes so that is why the technology must be introduced in order to reduce mistakes which  can prove to be costly otherwise we will be stuck with a game riddled with errors and misjudgements from referees who cannot always be in the best spot all the time.