The updated 5.3 patch notes made my day.
-Hit Chance is now displayed for all abilities.
-Abilities no longer have a base chance to miss or be dodged by opposing pets of the same level.
-Reduced the chance to miss when fighting higher-level opponents from 5% per level to 2% per level.
This means when fighting lvl 25 vs lvl 25 there's no longer a base chance to miss with normal abilities. They will show the % chance to miss on skills like moth balls or moth dust (high chance to miss stated in tooltip), and on top of that lower level pets not longer miss a ton which will boost pet leveling a bit! Huzzah!
And the best part of it all came a bit lower down the lines:
-Ethereal Soul-Trader has been returned to his original, larger size.