The valor ring, mastery aside, looks quite nice. It is a good deal and a great item for most hunters. For the population of hunters possessing the exaulted-with-Firelands ring, upgrading it is not very compelling.
The FL ring: 286 agility, 181 haste, 134 mastery.
The valor ring: 291 agility, 184 haste, 148 mastery.
Now of course you can use two rings! But if you've got a nice raid or LFR drop then you may have a better place to spend valor.