Just saw the new level of health funnel on wowhead
Health Funnel - Spell - World of Warcraft
(Up from 188 to 520hp/sec)
It is quite a boost compared to the lower level's of it although it is still a channeled spell. With some decent +damage gear this will heal a pet around 1000hp/sec (500hp/sec if affected by mortal strike or something like that).
Dunno, but in PvP this might make it possible to keep a pet from being ganked alive in Wrath of the Lich King if you are demon tallent spec'ed, especially with fel synergy and demonic empathy (this tallent almost outdoo the MS effect by itself). Maybe this will force the enemies to either focus on you or be shure that you are cc'ed while taking out the pet (yes, this can still be done, i know... but it's better than nothing
).
Edit: Typo's