As a non pvp'er I wasn't all that interested in the nerfs ragarding pvp (although any chance of me ever pvp'ing as a feral has been pretty much eradicated with the shifting nerf). However I found a link on the wow eu forums today which suggests that the bleed nerfs and buffs to shred leave us doing fairly uncompetitive damage in raids. Quite predictable really, a 10% nerf to bleeds and the buff to direct damage always sounded like it would be a dps decrease as bleeds aren't affected by armour not to mention our dps decrease when we aren't able to apply direct damage attacks. Sounds like Blizzards attempted change to keep dps around the same was done during a coffee meeting. This isn't a small nerf either, we've gone from being around the middle (except against nefarion XD) to the bottom of this list of theory crafting:
manoutoftime.org/misc/simc/ptr/raid/T11_372/basic.html
Ret Paladin isn't represented here and I'm not certain how reliable these stats are but if its right then it looks like feral is going to be exclusively a PvE tanking spec for a little while.
EDIT: Sorry I didn't link my link properly, not allowed to as its my first post :S