Since base shapeshifted damage for bears and cats scales as you level (up to 60), I believe Azeroth weapons don't give Feral Attack Power. This is why Feral Druid weapons were always refered to as stat-sticks. It doesn't matter what the top-end, low-end, or DPS value is on the weapon. A level 25 mace "of the tiger" would be better for DPS than a level 50 "of the whale". Starting with TBC, Blizzard realized how broken that was for druid scaling. To give us any kind of scaling damage, we would need massive amounts of stats on our weapons, and no one else could benefit from this or it would throw other classes out of sync.
Enter Feral Attack Power. Now there is a stat on some weapons that only benefits feral druids, and allows them to improve their DPS by getting better weapons. Now in WotLK, Blizzard is trying to make more gear available to more people. Every BC/WotLK has a hidden stat that only druids can see, Feral Attack Power. That nice spear that used to be for hunters that's loaded with Agi/AP can also be used by druids. At the same time, the nice staff with Agi/AP that used to be for druids is a valid hunter weapon.
TL:DR. It's a good talent now, it's a better talent around level 58 when you get BC gear, and it's a pre req for other talents. It's worth the talent points.