Hunters, do you have questions about your class? Well, Ghostcrawler's got some answers. Not all of them, of course, but Big Red Kitty can probably handle the rest. Our favorite crab has been chatting a bit about the Hunter class on the official forums. Let's take a look at what he's been saying.
As far as DPS numbers, Blizzard balances in terms of absolutes, not relatives. This means Blizzards wants people with X quality gear to be doing Y DPS on fight Z, so things like "I got 5th on the meters" aren't as relevant - they're looking at specifically how much DPS you do. (source for this and the next three points)
Pets are balanced using "a trade-off between damage and utility." Some pets, like wasps, bring bonuses that your 5- or 10-man groups may be missing, and thus it is justified that they do less DPS. That said, "more parity among pets is something [the devs] want to pursue."