Upon gaining mastery, Feral Combat specs get 8 points of mastery, which increases your bleed damage by 20%. Not bad - this would be (if on live) about a 3% DPS upgrade. Each point of mastery - which is similar to points of expertise - increases all bleed damage you do by 2.5%.
At level 82 it takes 79.15 points of mastery rating to get one point of mastery skill. This is the same value that it takes to get 1% crit from rating as well, so mastery and crit are likely equallly valued as far as gems and itemization goes. Which makes crit rating a very good comparison, overall, in terms of value.
For crit rating, since all dots can crit and all attacks can crit (up to the glancing blow cap) we have almost a pure 1% DPS upgrade per 1% crit. It's actually better than that due to how the meta works (gives 3% more crit damage), whether or not the 10% more crit damage boost is baked into the spec or not, and the addition of extra combo points on crits. But let's just assume that 1% crit only increases overall damage by 1%.
What would it take to have mastery do the same thing?
Well, simple math says that as long as bleeds are doing about 40% of your total damage, each mastery skill point will increase your DPS by 1%.
That's not how much bleeds currently do, on live. And for various reasons, that's certainly not how much damage they do in the beta, either. But that can be fixed.
In live, assuming you have a fairly good rotation and a reasonably static fight, bleeds account for about 30% of your total damage assuming 4pT10 and a high-armor pen build. (I'm basing that on my performances on Saurfang, which is a fairly good gauge of a basic single-target fight). On beta, there are a couple problems that cause this to be even worse:
- Savage Roar was changed to only improve autoattacks - which nerfed all bleed damage and all other yellow damage by 30%. This hasn't been baked back into the yellow damage, and as a result bleeds do less.
- While autoattack, mangle and shred are based now on weapon DPS, rip and rake are based only on AP. With the removal of Feral AP, this results in about a 30% reduction in those damage sources as well.
- The glyphs had not been particularly well-optimized for bleed damage until recently. Both rip and shred increase rip duration, but with dot clipping gone from cataclysm duration of bleeds is not nearly as important. The new glyph of rip increases rip damage by 15%, which will help this, but shred is still suboptimal (especially since it...sigh...doesn't help with the horribly newly named talent Feast of Flesh)
Now, all of these things can be improved. And I expect some of them to be improved a great deal; rip and rake can't only scale on AP forever, for instance, and glyphs will get a serious overhaul. At the same time, other abilities will get buffed too. And while it would be an interesting way to go, it's hard for me to imagine that two bleeds will do 40% of overall damage for ferals. It's possible - but I think it's unlikely. It's more likely to me that they'll buff mastery so that it's a bit more inline with the other skill points.
In any case - my recommendation for the beta right now is to either ignore mastery or largely avoid it. I'd like it to improve; it would be very boring if the new skill we can get is basically meh. But we'll see.