It's gone. We want to make Multi-Shot the spell hunters use for AE.
Channeling a spell that makes arrows fall out of the sky doesn't feel like a hunter ability and doesn't even really match the name of the spell.
I don't know how prevalent AoE will be in Cataclysm, but it looks as if us hunters won't be providing much of it. With Volley gone we're left with Multi-shot, which hits up to three targets, and firing Explosive Trap via the trap launcher once a minute, for our AoE contribution.
I'm not going to cry too hard over this one as Volley was mainly used on raid trash and for soloing packs of mobs. Still though, I hate to see some of our utility get diminished.
EDIT: This is why I don't like to post too closed to bed time. I completely overlooked the usefulness of our AE in 5-man dungeons. As Nochecazador from http://ofmarksandbeast.wordpress.com/ reminded me of how important it is in places like Forge of Souls.
