This is to be a do-it-yourself guide to picking pet talent points. While pet specs for max DPS are relatively straightforward due to a limited number of pure DPS talents, pet specs for tanking and PvP are not due to the wider range of options available. So, I'll only list cookie-cutter DPS specs; the rest of the guide will consist of analyzing each individual talent in all three pet talent trees.
To start, my recommended specs for pet DPS. 'Filler' talents are taken simply to progress down the talent trees, and can be reassigned at your leisure. These filler talents include Bloodthirsty, Heart of the Phoenix, Great Stamina, Blood of the Rhino, Last Stand, and Boar's Speed. However, I must caution against picking Thunderstomp, since it does less damage per focus than Claw, Bite, or Smack.
Without further ado:
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Universal talents (occur in all three pet talent trees):
Serpent Swiftness: DPS/threat talent, plain and simple. Given the lack of options in the first tier of pet talent, this would be a good choice for PvP specs, and may even be a good idea for threat-heavy tanking specs.
Great Stamina: All stamina does is increase maximum health. For hunter pets, this talent provides two benefits. First, it allows your pet to absorb more DPS before dying, which buys time for healing to recuperate the lost health. Second, since they scale off of the pet's total health, more stamina means that your pet gets stronger heals from Mend Pet, Gift of the Naaru, Bloodthirsty, Silverback, and Spirit Bond. Overall, a great talent for tanking.
Natural Armor: While Great Stamina increases the health pool and consequently increases pet healing, Natural Armor helps keep your pet alive by reducing the amount of physical damage that your pet takes. Honestly, I haven't given too much thought as to which is a better place to spend those first tier talents, since when it comes to the Tenacity talent tree, each of these is a prerequesite to a more powerful talent.
Spiked Collar: DPS talent. Highly recommended for PvP, due to a lack of other talents that are quite as useful. Do note that this was changed in 4.0.1 to only buff Basic Attacks, so it isn't useful if you want to focus on AoE damage and/or threat (Thunderstomp, Froststorm Breath, or Burrow Attack).
Boar's Speed: Thanks to Dash/Dive and Charge/Swoop, this does not seem to have much use except for nullifying the movement penalty from Prowl and Spirit Walk (same ability, different names).
Culling the Herd: Great DPS/threat talent. While it does increase your damage output (and consequently threat), I consider this to be a great ability for pet threat if your pet is Tenacity, since the bonus will improve Thunderstomp threat generation, which produces a disproportionate amount of threat per damage done.
Lionhearted: Can be useful for PvP, but really is situational. Granted, with the added emphasis of keeping your pet on your target when you're BM (otherwise no Kill Commands), this talent may very well be more valuable than it was before.
Great Resistance: Hunter pets, unlike players, come with some spell resistance, covering every category possible (that is, everything but Holy). This buffs said spell resistances. Spell resistance functions in a way similar to armor. That said, spell resistance hasn't been a too terribly important part of the game for years (with exception to spell resistance inherit in Mark of the Wild, Blessing of Kings, and Embrace of the Shale Spider), and the spell resistance levels on pets have proven to be adequate. The only reason to take this is if you want a tanking pet with max damage mitigation, or a tanking pet tooled specifically for soloing boss fights with a lot of spell damage.
Wild Hunt: This DPS talent is in place to help ensure that hunter pets won't focus cap themselves during a fight, so as to retain the value of Bestial Discipline, Fervor, Go for the Throat, Sic Em!, and Owl's Focus. Consider at least one point in this to be mandatory for PvP, where DPS isn't as important as burst damage. However, I do not recommend this for Tenacity tanking builds, for not only is one of the prerequisite talents (Roar of Sacrifice) a purely PvP talent, but it would hurt Thunderstomp to have such sudden drops in focus.
Shared Talents (found on two talent trees):
Dash/Dive: Occupies the same spot on the Cunning and Ferocity trees. Great gap closer. The focus cost is rather pricey, but the tradeoff in your pet reaching your target sooner is definitely worth it. The only reason to not take this talent that I can see is if you are planning on taking Charge/Swoop instead (see below).
Charge/Swoop: Occupies different spots on the Ferocity and Tenacity trees. For Tenacity, this replaces Dash/Dive completely in the first tier of talents. As Tenacity, you will want to take this for sure for PvP. Charge is also a good idea when it comes to tanking, but not a mandatory one. With Ferocity, this is an option later down in the tree. I strongly advise that all Ferocity pets be either specced into Dash/Dive
or Charge/Swoop, but not both. If your pet were to have both abilities, it would autocast Dash/Dive first to get into range, then autocast Charge/Swoop once it's target was within the maximum range of that ability, resulting in your pet having wasted Dash/Dive and the 30 focus needed to activate it.
Grace of the Mantis: Occupies different spots on the Cunning and Tenacity talent trees. This talent is mandatory for pet tanking, but lackluster for PvP. The reason for this being so crucial to tanking is that raid bosses have a certain chance to land a critical hit against a max-level player or pet. Reducing the chance to be critically hit by just 4% is enough to ensure that you
never receive a critical hit from any raid boss (assuming you are at level cap). Critical strikes from raid bosses can easily overwhelm healers, so tanks are required to have 'crit immunity' from their talents. This is one such talent.
Roar of Sacrifice (prereq Grace of the Mantis): Occupies different spots on the Cunning and Tenacity talent trees. A purely PvP ability that comes highly recommended. In PvP, crit ratings are inflated by stats on gear, weapons, enchants, & buffs. As a result, depending on the class/spec, critical strikes are an integral part of being viable in PvP. Temporarily making yourself (or a teammate) uncrittable will thus result in greatly increased survivability.