You're telling me you're doing kara soon enough, so I'll be giving pointers from a PvE perspective.
While the Skyfire bow is an awesome weapon for you stat-wise, it's much too fast for a BM hunter. The crossbow isn't very good for you stat-wise, and is also too slow.
Valanos' Longbow is indeed one of the best weapons you're able to get pre-kara (as a BM hunter), mostly due to its speed. There are several better stat-wise. If you can get the epic from SV to drop for you (Wrathtide Longbow or something) that's a strong candidate. The epic from Exalted with Thrallmar is a notch better, since the speed, but you're far away from Exalted so that'd be a heavy grind.
Ember crossbow from Arca is nice, although 3.0. Longbow from BM is also good, although you don't need much stam for PvE.
Basically, Valano's -> Steelhawk (from Attumen) -> Wolfslayer (from Big Bad Wolf) is the best exchange chain for a BM hunter if you aren't keen on grinding exalted rep.
Your spec is half good. While you've gotten almost all essentials, you've missed out on some small things.
Spirit Bond: Bad doggie. That's a no-go talent.
Thick Hide: Only dump one point in either this or Endurance Training to get to the next tier. Your pet shouldn't be taking hits in PvE, and while soloing it'll manage anyway.
Imp. Revive Pet: Max it! It'll save you alot of time (and as such; DPS) in raids if you pet dies for some reason.
Imp. Mend Pet: Max it! The dispell is extremely good, since it can get rid of nasty debuffs on your pet, saving time for your cleansers.
Frenzy: If you've got a focus dump on your pet, and growl isn't activated, you only ever need 4/5 in this for it to be up all the time.
Animal Handler: Max it! I play a warrior, so I know about melee DPS. +hit is the biggest increase to your DPS you can get until you're hit capped. Now, you can't hit cap your pet, so go for this talent!
MM tree is fine. Imp. HM gives you better raid Utility, while Efficiency is better for your personal mana maintenance. Very much up to you, and I know your rogues, warriors, enhance shammies, druids and pets will appreciate your choice.