I have used these two skills equally for about a month already, and here is my answer on their advantages and disadvantages.
My crit is low at 34.5%, so I am not including tests for Spray of Teeth on HA (I know its good).
Evasive Fire (Covering Fire)
Hits up to 3 targets at once
Superior damage if fighting 2 targets or more (spreadsheet-proven)
Higher hatred regen of 4 per shot
Low-cost Backflip if used smartly, Backflip works with Tactical Advantage
Resets attack animation if used smartly, thus it scales extremely well with slower 2h crossbows
Instant-hit, no downtime
Able to pierce through certain corners and walls (Was even better prior to 1.03 though)
Damage upgradable through chest piece (up to 12%)
Shorter-range than HA
Auto-target not as good as HA (It's worth noting however that at least there is still an auto-target)
Unreliable, and the backflip is terrible if you are stuck in a tight corner with mobs in your face
Attack has a wide angle spread and sometimes hit unwanted targets (etc goblin)
Hungering Arrow (Devouring Arrow)
Hits 1 target multiple times if arrow pierces
Superior damage against single target (spreadsheet-proven)
Further range than EF
Auto-aim is better than EF
Reliable and easily utilized, no unwanted backflips etc
Damage upgradable through quiver or shield (up to 12%)
Effectiveness reduced against multiple enemies
Arrow may sometimes veer off against your main target to strike one closer to you
Lower hatred regen of 3 per shot
Arrow flies off screen and sometimes hit unwanted targets (etc goblin)
My final word is this. If you outgear your enemies, Evasive Fire is superior. If your enemies outgear you, Hunger Arrowing is superior. If you are fighting fast mobs, Evasive Fire is superior(when coupled with Tactical Advantage). If you are fighting act bosses, Hunger Arrow is superior. Example, when fighting Belial, EF is extremely effective against P1, okay against P2, but terrible against P3. HA is terrible against P1, okay against P2, and damn good in P3.
I used them both equally depending on the situation, and I do encourage all non-EF users to at least give it a try. When you master how to correctly use the backflip, you will like it too.