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I know the spell crit is not too useful unless you SB spam, but 5%crit on a felguard seems like it could equate to a lot more damage..
For starters, your Felguard does less than half your damage even if you spec the 5% crit bonus. This is readily apparent by simply turning off his taunt and observing that in most fights the mobs eventually ignore your felguard and chase you. To thusly rip aggro off your felguard, you must significantly
exceed his dps, since your own dps generates reduced threat presuming you stand beyond melee range.
So yes, no matter how brutal he looks your felguard doesn't contribute even half the dps. Even if you are an orc with the passive pet damage bonus.
Since, in solo grinding, the +crit applies mainly to your pet, what would be a rough 1% dps bonus per talent point is cut at least in half. Meaning you and your pet are collectively getting <0.5% dps per point. The standard for dps talent points is roughly 1% dps bonus per point. So we solo grinders get half value, though as you pointed out it can help the felguard hold aggro.