Stat conversions

[Galathius]

Ripped fresh from my friends raiding guild forums.

For lvl 70 hunter

1 Agility = 1 Attack Power
14 Ranged Attack Power = 1 DPS
1 Agility = 0.552 Critical Strike Rating
22.08 Critical Strike Rating = +1% Critical Hit
40 Agility = +1% Critical Hit
25 Agility = +1% Dodge Chance
18.92 Dodge Rating = +1% Dodge Chance
1 Agility = 2 Armor
55 Intellect = +1% Spell Critical Hit
1 Strength = 1 Melee Attack Power
1 Stamina = 10 Health
1 Intellect = 15 Mana
5 Spirit = 1 Mana per Tick
Hit Rating needed for +1% Hit = 15.77
Weapon skill Rating needed for +1 Weapon Skill = 3.94
Haste Rating needed for +1% Haste = 10.51
Parry Rating needed for +1% Parry = 31.54

Please note that although 14RAP gives a damage bonus equivalent to 1 DPS, the actual damage bonus per attack depends on weapon speed. This is before things like haste effects (quiver/ammo pouch, Rapid Fire, etc).
In the case of Multi-Shot and Aimed Shot, the Attack Power contribution is normalized.
Also note that although 14 Agility = 14 AP which causes a 1 DPS increase, agility will also provide extra critical strike bonus which must be considered. Roughly one can say that for DPS, 1 agility ≈ 1 attack power ≈ 0.552 crit rating.

The maximum hit rating needed for level 70 hunters attacking level 73 targets (i.e. boss mobs) is 142 (141.93), which equals +9% chance to hit. (For each talent point spent in the Surefooted talent in the Survival tree, the amount of hit rating needed will decrease by 16. The maximum usable hit with 3/3 surefooted is 95 (94.69). The maximum usable hit rating for Draenei hunters is reduced by an additional 16 due to their racial ability Heroic Presence. Expertise, added in 2.3, has no effect on ranged weapons)