Well that is what I (feral) have with rawr too. I really wanna be hitcapped. Every ~33 hit rating gives me 1% more hit chance. So if my hit chance is 95% and I add 1% a mere 33 hit rating gives me 96/95% (= little over 1%) more damage.
Rawr doesn't strive for a hit cap as far as I know. I can advice you to get the best items there are and meanwhile try to get hitcapped and as soon as you are stay that.
A few things:
While your 1% hit chance math works for white damage, it doesn't for yellow. Since all your yellow attacks don't expend full energy if they miss (only 20% I think), you'll retain that damage. Trust me that the white damage is accounted for correctly and the yellow damage is also handled appropriately in Rawr for feral. They've done the basic math.
There are 2 factors unaccounted for in the theorycraft that impact hit, as far as I know: 1) poor play, like not noticing that you missed an attack and hitting a wrong button; and 2) assuming 100% uptime is possible on DoTs/buffs even though you might miss (and I'm not sure about 2 in Rawr). At most you lose less than 2% uptime on your bleeds with no hit rating or expertise at all; having done some napkin math on this before, the effective difference in stat weights ends up being around a 10% increase in hit rating's value (i.e. not very significant).
Reason 1 is good enough to max hit/expertise, though, if your personal skill is below a certain threshold. If you want to, you can use the Optimizer in Rawr-- just set the amount of hit rating (and expertise, presumably) as additional requirements-- and find your ideal set of can't-miss gear.