This thread is all about hit rating on the live realms.

At level 80, 32.79 hit rating will yield 1% hit rating. Hunter hit gives pets expertise and hit.

Hit cap
The current hit cap is 8%, 263 without a nearby friendly Draenei, 231 with one.

Bugs
While hunter hit rating from gear will pass expertise to the pet as planned, the Draenei hit aura does not, and the focused aim talent does not seem to be passing as much as it should.

If you notice misses in your recount or WWS
If you see a log parse or recount report with misses you weren't expecting, before posting your question, double check:
-That the boss you were on does not have a debuff to hit like Archavon
-That your pet's misses were not incurred within a few seconds of being summoned before they had had a chance to reinherit your stats (Malygos' Vortex despawns and respawns your pet)
-That they aren't mislabeled dodges

The value of hit
Hit is a stat that lowers our chance to miss. Every single character under the hit cap will gain more DPS from adding hit than any other stat. That said, adding hit ONLY increases your DPS. It does not do anything magic. If the spreadsheet says "you gain 1.4 DPS per agility and 1.6 DPS per hit", by all means, take advantage and get as much hit as you can until you're capped. Don't, however, equip gear that results in a loss of overall DPS in an attempt to get hit capped. The only penalty for missing a shot is a loss of average DPS.

2/3 Focused Aim is wrong; it should be 229.5299

You know what? I remember you catching this in the other thread now that you mention it. I've fixed the first post, and hopefully that will be the last time that typo is perpetuated

This post from the spreadsheet thread seems appropriate to mention here:

The easiest way to determine if FA helps pet hit or not is get just over 6% worth of hit from items and send your pet to attack a dummy for 10+ minutes. Do this without FA and then with 3/3 FA. If your pet gets *any* non-dodge/block/immune misses, FA isn't affecting him. To get an accurate percent measurement of actual pet miss chance, you would need tens of thousands of attacks, but to tell the difference between "can never miss" and "can miss 2-3% of the time" you only need a few thousand, which would determine if FA does or doesn't affect your pet.

As a point of reference, for 1,000 attacks with a 99% hit rate, the chance of not missing is .004%. With a 98% hit rate, the chance of not missing 1,000 attacks is 0.0000001683%. For a sample of just 150 attacks, though, the numbers are 22% and 4.8% respectively -- in other words, 150 is absolutely nowhere near close enough of a sample size to determine anything.

I'll conduct the test and settle it once and for all. Others doing the same would be good as well.

There's no need for that Arison as I forgot to mention that on the 9.06% hit screenshot I have 0/3 FA as I had just respecced.

Cool, then I think we can state pretty much as fact that, in 3.0.3, FA does not affect pet hit. I think the safe rule is, if it shows up on your character sheet, it affects your pet (such as elixirs, food, etc). In other words, your pet's base hit % is your hit %. Since Heroic Presence (Draenei aura) doesn't show on your character sheet, your pet doesn't benefit from your receiving it, but it does benefit itself since the aura includes it (specifically, your pet doesn't "double dip" and get 2% hit from the aura).

I can confirm this. I did some tests earlier. I fired about 3000 shots with 8.51% hit rating (then WoW crashed, boo ) and had no misses on me or my pet. No FA. Then I took off a ring, went down to 7.62% hit, and had a 0.3% miss rate. Here's screenshots.

ImageShack - Image Hosting :: hittestmeff9.jpg
ImageShack - Image Hosting :: hittestpetpw9.jpg

Did you do those tests on a boss target dummy? Because if enough hit rating can easily be acquired by gear, the talent is basically useless unless you want it to prevent the casting pushback.

Yes, it was on the heroic target dummy. I was testing to make sure the hit cap is 8%. In the case of the target dummy, which may be an inherent bug with it, it's true.

I've been wondering about this myself. Here's a Wow Web Stats from an Instructor run I did yesterday. No misses. I had 81 hit rating at the time, 3% from talents, and 1% from the Draenei racial. That's 6.47% hit with no misses.