Couple points for Falconer:
1. No question, Hunter's Shot is an outstanding skill IF you can get the bleeding bonus.
2. In no way does Hunter's Shot do as much damage as Penetrating Attack without the bleeding bonus, not even close. PA does 2 more points of damage, and penetrates 20% of armor, which is huge later in the game. Yes, PA costs double, but with Druids Armor and Expertise, energy is never a problem. PA also has a shorter recast, so you can spam it more. This faster recast time saves me a skill slot. Why add a second attack skill when I can just use one attack skill (PA) every other shot? Most people who bring Hunter's Shot also bring another attack skill on their bar, due to Hunter's longer recast time. I only have room for a single attack skill (in addition to Poison Arrow or Punishing Shot), on my interupt ranger's skill bar.
3. Now, about that bleeding bonus.... (in PvE)
I can usually get 1 or 2 guys to bleed when pulling, and then probably 1 other guy mid-battle, but that's only 3 guys. When fighting a dozen or so enemies, 3 guys is just not enough to make the lower damage and longer recast worth it. Besides, I hate looking around to see who's moving or knocked down. I'd much rather be looking around to see who's casting what (seeing as how I'm an interupter). I've tried running Hunter's and then looking for both spell/skill casting for interupts AND movement/knockdown for Hunter's, but usually when I see a guy moving, by the time I switch to him, hit Hunter's, and the arrow hits him, he would have just stopped moving. What I'm trying to say here is, 90% of the time, I'd rather hit a guy with PA inbetween my interupts and get the guarenteed higher damage, rather than take a chance on the bleeding bonus.
I guess the question is where is the threshold where Hunter's becomes worth it? For me, I think I'd have to get the bleeding bonus at least 50% of the time for it to be worth it, and that just isn't the case.
Oh, and yes, Hunter's can be great for farming, I've done that too (Poison Arrow and Hunter's while running around to make them move). But that tactic doesn't work nearly as well when doing regular PvE, because I get much less aggro (by design, of course). And when a warrior does aggro me and I run around to get him moving, he'll just find another nearby target to switch to, and then stop moving just in time before Hunter's hits him.
Maybe you guys don't need to get the bonus at least 50% of the time for it to be worth it for you, and if you're happy with what you get, more power to you. But PA fills that skill slot much better for me. If I had room, I'd take both, but I just can't bring myself to drop any of my interupt skills, my self-heal, or my rez (unless I'm farming solo, then I drop the rez for Hunter's as I mentioned before).
4. I agree with you about Dual Shot. Unless your running some combination of Kindle Arrows, JI, Conjure, Order, FW, etc., it's not worth the slot. All I run is Read the Wind, so PA is the better option for me. I agree that Dual Shot is overused.