Since the addiiton of Tricks of the Trade to the Rogue repertoire in the Wrath of the Lich King Beta, Hunters have felt a little slighted. Not only did Rogues get Misdirection, a somewhat defining Hunter ability in PvE, they got Misdirection on a much shorter cooldown that also augmented the tank's damage for even more threat. Koraa brought good news late last night, mentioning that Misdirection's cooldown will be lowered to 30 seconds (down from 2 minutes) to match the cooldown of Tricks of the Trade.
While Misdirection still doesn't have any secondary effects like Tricks does, you have to consider the fact that it can be used at range which is a pretty big deal. While the abilities have similar effects, they'll be used for wholly different things. It's a threat management tool for Rogues, whereas it's a pulling ability for Hunters. The two abilities fill different roles despite their similarities. Hunter threat tends to have some pretty wild spikes sometimes, but I think they have all the threat management they need. Feign Death is on a 30 second cooldown, and the Rogue threat wipe is at 3 minutes.