There's a pretty good hunter in our battlegroup. We met their team couple of times in arena and he was playing with resto shaman (they were rank 1 at that time, still in top-10), using 50/11/0 build, meaning he traded exotic pets and couple of pet training points for aimed shot. I don't remember which pet exactly he was using but it was ferocity and had heart of the phoenix talent for instant ress. I'm not saying that his build is the most optimal one and I'd change at least couple of points myself but I guess it works for him. He has MM as his secondary spec and he seems to be focusing on aimed shot, which I personally find a bit strange with that ARP level. I'm not sure if he uses that build in arenas though.