Changes in 3.1

•Consumable ammunition has been removed from the game. Arrows and bullets no longer stack, but are not consumed. Ranged attack speed bonus gained from quivers and ammo bags will be preserved in a different capacity.

•A new tier of hunter pet talents have been added. In particular, this allows Beastmaster hunters to improve their damage per second (DPS) with their 51 point talent.

•Hunting Party – this talent has been reduced to 3 ranks and also grants a passive bonus to the hunter.

•Piercing Shots – this talent has been changed. Your Aimed, Steady and Chimera Shots cause the target to bleed for 10/20/30% of damage dealt for 8 sec.

•Sniper Training – this talent has been changed. After standing still for 6 sec, you gain a 2/4/6% damage bonus to Steady, Aimed and Explosive Shot.

•We are also looking to add additional trap functionality to Survival.

These are broad strokes.

+ Ammo seems like marketing and the design team throwing us a bone. Sure it will save a pile of gold that other classes don't really even know about.
+ The bleed effect for MM is hopeful.
+ The change to sniper seems to indicate:
- Limited use in PvP
- Reduce trap-dancing except when you have perfect position (i.e.- can trap without moving)
- Let you receive melee aura buffs easier (i.e.- boss at 31 yards, but feral at less than 30 yards)
- It "feels right" for "Sniper Training" which is something Blizz always shoots for. Then again, they've tried to make it work with Steady Shot and Aimed Shot before.
+ BM gets to dps a little more, but not through collaboration with their hunter's talents.

That said, I'm sure they'll screw around with almost every talent, talent location, and spell coefficient. And ammo damage is in every formula.