In all fairness though, a miss in cat form isn't as wasteful as it is for any other class/spec. For any spell caster, a resist is a complete waste of mana and casting time so spell hit is a very high priority. For melee in general, missing takes a big chunk out of their white damage which is ~60% of their total dps. For warriors in particular it's even worse since they depend on white hits to build rage for abilities.
Cat form druids though it's not as bad when we miss. Our white damage makes up much less of our total dps and we don't have to deal with the extra miss rate from dual weilding. For our abilities, a miss is the loss of only 25% of the energy cost or about half a tick, with the exception of finishers that lose full cost on a miss.
It's still a good thing to get + hit for your dps set, but we get less out of it compared to other classes since we don't lose as much potential dps for missing. Thus while it's a great way to boost your total dps, I believe that you still get more bang for your item budget buck with agility. Luckily there isn't really any need to compromise since the hit cap for us is so much lower then it is for most other classes.
For tanking, it's entirely optional. For raids it's standard practice that the dps wait until the tank has X threat on the target for a buffer to avoid pulling aggro. Once you got that buffer, it's usually no problem to have a higher TPS then the rest of the raid as long as your dps doesn't have higher tier gear then the tank, since your operating with effectively unlimited rage. In 5 mans some + hit can be nice to have since the dps isn't always going to wait so you want to make sure that your first couple hit connect. Still, it's a matter of preferance since there are plenty of options available if your first mangle/lacerate miss.