While I understand this is a fantasy game and "Magic" is par for the course, it has nothing to do with being hit or expertise capped. For Hunters, not being at hit/expertise cap is a straight dps loss. Period. EJ, WHU, Mmo-Champion or any other Hunter forum will tell you this.
I understand for casters, not being hit capped is something you can get away with, but for Hunters it's not an option.
But lets say I do drop my experstise from my belt, I'm now 32 from being capped which leaves roughly a %0.09 chance to be dodged. At the same time I now gain 174 haste.
With my current gear, expertise has a 2.00 per budget stat. Haste is at 0.69. By dropping the expertise from the belt, thus dropping under the cap, my expertise is now at 2.06 while haste has now dropped to 0.6.
Now, using FemaleDwarf (yes it's a sim, but just for the sake of argument bear with me) dropping the expertise from my belt ends up being ~170 dps loss. Having even just one shot dodged (since hunter shots can't be parried) is a rather huge loss. Over the course of a 6-9 min fight avg, there's a good chance of having more than just that one shot dodged.
Also, keep in mind our pets inherit our hit/expertise a bit differently than they do other stats. For example, if I have 2% hit (or 2% expertise), it gains 1% as hit and 1% as expertise, meaning not being capped in both ends up being a large dps loss to the pet.
Another thing to keep in mind is, when it comes to stats, haste (at least for SV and BM Hunters) isn't as desirable a stat as say agi, crit and to some extent mastery. In the long run 174 haste vs 0.09% chance to be dodged is really splitting hairs, I would still rather be hit/experise capped, but feel free to play how you like.
Lastly, I just picked up the heroic bow last night, which put me further over the cap than I'd like, but since we haven't killed Lei-Shi this week, there's a chance for the Sha touched gun to drop, in which case I'm going to be hurting for expertise and will have to totally re-do all my reforges anyway.
Edit: I apologize for derailing the thread, if it's an issue send me a in game mail or whisper me and I'll delete my posts.
Edited by Varick on 1/16/2013 5:49 AM PST