Presently spec'ced 46/12/3 and considering moving that over to 41/20. Since my raid buffed crit is ~30% and mortal shots adds 30% damage to that, that would increase my ranged DPS (discounting pet) by about 7%. Quick math to support this:
Damage w/o: 70(hits) + 30*2(crits) == 130
Damage with: 70(hits) + 30*2.3(crits) == 139
139/130 == 1 + .0692 or about a 7% increase
My hesitance is that I think getting away from Hawk Eye is bad for several T5/T6 bosses. To convince me, I made a list evaluating the advantage of mortal shots per-boss. I can only include the ones I have experience with (sorry), and of course there will be some assumptions about strategy that I feel can be generally agreed upon. For anything that Mortal shots is worse for, I've offered some comments on why it's worse.
Key:
[

= advantage Mortal Shots] [

= about even] [

= disadvantage Mortal Shots] [

= not sure]
SSC:

Hydross the Unstable - Slightly more difficult to avoid water tomb.

Lurker Below

Morogrim Tidewalker

Fathom-Lord Karathress

Leotheras the Blind - More likely to get hit by whirlwind, harder to misdirect Leo back to the tank.

Lady Vashj - Slower to pick up striders or kill elementals, slightly harder to kill bats.
TK:

A'lar, the Phoenix God - More time running around in both P1 and P2.

Void Reaver - Slightly more time running around

High Astromancer Solarian

Kael'thas - DPS'ing Thaladred harder, kiting Phoenixes harder.
Hyjal:

Rage Winterchill

Anetheron

Kaz'rogal - Gargoyles and Frost Wyrms harder, misdirecting aboms/Kaz harder, spreading out for mana explosion harder.

Az'galor - Gargoyles and Frost Wyrms harder, misdirecting aboms/Az harder.

Archimonde - Less room to spread out = more people in doomfire / getting air bursted.
Black Temple:

High Warlord Naj'entus

Supremus

Shade of Akama

Teron Gorefiend

Gurtogg Bloodboil

Reliquary of Souls

Mother Sharhaz

Illidari Council - distance helps you spread out depending on strat

Illidan Stormrage - distance helps spread out in P3/4, damage better for faster P2
Looking it over, I see more smiles than otherwise, so Mortal Shots looks good. The problem is, it seems to me like the harder fights of each instance are where Hawk Eye is more useful. I'm curious to hear from other hunters who have made the switch or thought about it. What do you think?