According to EJ all of the major glyphs are pretty muc encounter specific in terms of how good they are. Trap launcher is recommended for AoE fights.
Apparently the glyph of Serpent Sting and Glyph of Arcane Shot are almost completely equal in terms of dps gain (according to EJ), with glyph of Serpent sting winning out in AoE situations. As with feral druids in WOTLK with Ferocious Bite however, you need to remember that Arcane shot is a focus dump, and if you are too greedy with it, it can hurt your dps as important things like Explosive shot could come off cooldown without you having the focus to fire it again - from what I've read, Explosive shot needs to be fired as soon as it comes off CD, so make sure you have enough focus to do so - dont sit on 50 focus and see there's 2 seconds left on the ES cooldown, and think "oh I'll fire another AS"
Regarding stat weights, here's what EJ has to say on the subject:
Relative to each other, Agi is significantly greater than any other stat with Hit a bit behind. The three remaining secondary stats are fairly close in value. Crit is favored over Mastery with current gear, while Haste is somewhat less clear but is likely better than Mastery.
Haste is also subject to numerous situations where its benefit to special abilities is diminished due to not being able to fit in an extra cobra shot before reaching a theoretical threshold. For instance, a common window is the 6 second window between Explosive Shots. 1 second is due to the GCD, but exactly 3 Cobra Shots can be fit into the remaining 5 seconds if they are hasted to 1.67 seconds each. This is a 20% haste increase, so assuming 3% Pathing and 10% Hunting Party, the rest would be obtained with 757 haste rating. More haste than this would mean we either delay Explosive Shot in favor of a fourth Cobra Shot (not ideal at haste close to 20%) or we would have a short wait time resulting in no DPS increase for special shots in this time window. Keep in mind that auto shot damage is not subject to these thresholds and will always increase steadily. We would also want to consider other time windows where the threshold is different, such as under the effect of haste procs/bloodlust or when using other 1 second special shots between Explosive Shots.
Finally, it should be noted that no stat should be examined in a vacuum. They function together and change the relative value of each other. For example, acquiring more crit will increase the power of mastery relative to its power before that crit. Although in current gear choosing crit over mastery in more situations would be ideal, substituting ALL mastery for crit would probably not be preferred over balancing them in terms of some ratio.
Lock and Load changes the priority and Elitist Jerks seems to think that, in LOW FOCUS situations (i.e you get an LnL proc at a low amount of focus) you use this system:
Explosive Shot, Cobra Shot, Explosive Shot, Arcane Shot, Explosive Shot
The arcane shot is in there to deal with a predicted high amount of focus gained during this cycle.
If you get a proc at a HIGH amount of focus, this system is probably better:
Explosive Shot, Arcane Shot, Explosive Shot
The Arcane shot will eat the second charge of LnL but it will blow through the LnL proc more quickly, and has been mathed out to yield greater dps than any other LnL rotation. However it requires a decent amount of focus to begin with - so that the second ES will dump some to prevent you capping out on focus for too long.