So although the Steady Shot nerf is still in place, Serpents' Swiftness has had its' pet damage coefficient raised back up to 20% in the latest patch, as reported by BRK and presumably other people. This should hopefully mean that BM is once more considered viable by the leaders of raids and pugs. ;-)
It also possibly means that it could be more viable again for a temp respec for Borean Tundra AoE leather farming for me, as well; in terms of hopefully increased pet threat generation. AoE farming with Volley used to be my main incentive for temp respeccing with BM, before 3.0.8.