Yeah, but is 5 points in IAotH > 5 in MT? I don't think anyone's covered this explicitly. I believe the math's been done awhile back to show that with the weapons most people use, MT is equivalent to just over 5% crit.
Right now, if you opt to max TotH and EW instead of getting focused fire, it looks like you've got three choices:
utility(wyvern, barrage or resourcefulness, ss), damage(5/5 IAotH), or damage option 2(5/5 MT).
Since crit %'s for survival hunters seem to vary quite a bit, and crit becomes less useful as your crit rate increase(as I understand it), it'd be nice to figure out if ~5% crit will be better than IAotH at 30%, and if it still will when you're at 45% crit.
Also, just came up with an idea. For those of you that don't care for TotH because you have the consumables and party comp to cover your mana needs, what about a 29/32 build?
http://www.wowhead.com/?talent=VZVVdRVzhLZchhRdfMhV0b
It gives 4% from RWS, Barrage, and Scatter shot, vs say a 7/20/34 or 7/21/33 build which will have Focused Fire(2% + KC bonus) and IAotH. To me at least, it seems like a posibly alternative, especially if IAotH is messing up your rotation at all.