Steady shot is a hunter ability that has the most dpm(damage per mana) out there for hunters
Here is the macro you should use after you have learned both Steady shot and kill command(still use it if you don't have kill command yet)
#showtooltip Steady Shot
/script UIErrorsFrame:Hide()
/petattack
/cast [nocombat] Hunter's Mark
/castsequence reset=3 Steady Shot, Auto Shot
/cast [exists,target=pettarget] Kill Command
1. sends your pet in to attack.
2. Casts Hunter's Mark as long as your already out of combat
(Wait for pet to engage so you dont pull immediately.)
3. Starts the famed cycle of Steady shot / auto shot all hunters love.
Also casts Kill Command when possible.
Great macro for grinding, as you go to loot the mob you just killed, cast this macro on another guy and your fully set to loot, then dps the next one down.
Now if you are a nerd here comes the math which proves how l337 this ability is.
The formulas for the effect haste has on your attack (and by extension, cast of steady shot) speed is rendered such:
Quiver: 15% increase in atk spd = 1.15
Serpent's Swiftness: 20% increase in atk spd = 1.20
Imp Aspect of the Hawk: 15% increase in atk spd = 1.15
You then multiply all these together:
1.15 * 1.15 * 1.2 = 1.587
or, without IAotH (not a consistently present buff)
1.15 * 1.2 = 1.38
These numbers are the value by which you divide your base attack speed (or the casting speed of Steady Shot) to determine the new speed. So, with a weapon like say The Gunblade (2.8 speed level 65 blue-quality gun), you come up with this:
2.8 / 1.38 = 2.028
2.8 / 1.587 = 1.764
These are the actual values (displaying as 2.02 and 1.76, since seemingly Blizzard's coding simply drops any values post the hundredth position, not rounding) I see displayed when I equip this gun on my Hunter, then go test with the relevant buffs.
Steady Shot, at 1.5 speed, comes out thus:
1.5 / 1.38 = 1.086
1.5 / 1.587 = 0.945
It's a little more challenging to snag the actual cast time of Steady Shot, as the change doesn't display in your spellbook and therefore you just have to watch your cast timer, but I was never able to see a 1.2 on my cast timer countdown when firing Steady Shots, so it was going faster than 1.2 (which would support a 1.08 speed or a .94 speed - I didn't even try to track when I had IAotH active and a Steady Shot casting at the same time, my attention can only be divided so far).
Anyway. Moral of the story, use 1.15 and 1.2 as your modifier numbers, multiply all the relevant modifiers together, then take your base, unchanged speed and divide it by the modifiers to get the new speed. The difference between the two formulas doesn't show a huge difference (1.08 speed steady vs the earlier posted 1.2), but it's there.
So basically, haste from items / procs also affects the casting time of Steady Shot, so you can with a little attention to your equipment / buffs always fit Steady Shot into your "shot rotation" and boost your DPS by a large amount. A spec like Marksmanship would probably favor a slower gun / bow that allows for a Steady and one other "special" shot during the time your autoshot is "cooling down," whereas a Beast Mastery spec favors faster gun speeds that allow often only time to weave in Steady Shot and -maybe- time for another special if you're quick or latency is on your side. I've never approached Survival, so I can't comment on their rotations, but in general, once you have Steady Shot (level 62), use it forever. If you aren't using it, you aren't maximizing your DPS - just don't clobber your autoshot timer and kill your "white" damage through bad rhythm.
Here is an armory link to my hunter if anyone has any questions feel free to post here or pm in game.
The World of Warcraft Armory
Edit:Changed the color cause people's eyes were bleeding