The end result is hopefully more focus and less cobra shot casts, but hasn't the math shown that more cobra shots are slightly better than focus dumping with AS, therefore focus capping isn't so bad if everything (i.e. ES and BA) is on cooldown? Correct me if I'm wrong.
A blue post in the Hunter's forum:

The patch isn't finished. Our intent is to bring Survival DPS down to the level of some of the other dps specs while making Marks and BM more attractive in PvE. With pure DPS classes it is probably impossible to engineer a three-way tie on all encounters. However, we think we can make them close enough so that players can choose to play their favorite without feeling like they are a burden on the rest of the group.
For an overall approach, we made a few changes that will buff Survival, or even hunters in general. First, focus generation was lower as a result of a bug with haste buffs such as Hunting Party. We've fixed that bug, so focus generation will be higher now when that buff is present (presumably all the time for Survival). Second, we made Steady Shot scale with haste, which will let hunters get more attacks in overall and have more focus with which to do so. These changes would have been a net buff for Survival without additional nerfs to compensate.
We also changed Cobra Shot and the warrior ability Slam to scale with haste. This does not mean all physical cast-time abilities will automatically scale with haste though.
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In my own testing I'm also finding that I'm getting focus faster as well. They state that this will be able to give us more focus to attack with, but this ends up being enough for an arcane shot every other rotation, which doesn't even out with the nerfs.
On another note, on live my best dps specs (me being entry level heroic geared, mainly 333's and 346's) are SV >= MM >>> BM, SV and MM are reasonably close, SV being about 10.9-11k dps and MM around 10.5k dps. BM is 7.5k on a good day. On PTR, it's MM >> BM > SV, MM for some reason being around 10.2k dps, BM around 8.9k dps and SV around 7.4k dps. Sigh.
So does this change the rotation? Will we be using AS now because it's one of the only shots that didn't get nerfed? All in all, what does more focus mean for SV hunters?
Edit: Typo and clarification