Doing the math, I get - given a PvE scenario of BW every 60 seconds (assumes the pet is alive, talents, etc.)

Hunter
- was 10% increase * 30% uptime = 3% increase
- 3.2.2 10% passive increase + 10% increase * 17% uptime = 11.7% increase

Pet
- was 50% increase * 30% uptime = 15% increase
- 3.2.2 50% increase * 17% uptime = 8.5% increase

Using the ElitistJerks spreadsheet/simulator (no I don't hit these numbers in real life, but I trust that a perfect wow-playing robot would):

No BW Now 3.2.2
Hunter 3500 3600 3900
Pet 2875 3300 3120
Total 6375 6900 7020

So it's about a 1.7% buff if the pet stays up.

If the pet does die, I can put out about 49% of my normal dps now. At 3.2.2 that'll go all the way up to 53% - still not the spec for petless fights.