Pet hit chance does seem to have decreased dramatically with the changes.
I had several instances in SolB where my 49 water pet would have to chase light blue kobolds from the entrance nearly all the way to royals to finish off the last ~5% of health as they fled because he couldn't hit the mob often enough to kill it even as it was running away with its back turned.
Couple that with the pets lower damage and the AC changes, which are causing pets to hit for max A LOT less often, and pet damage is WAY down.
It seems like the 30hp/tick regen is working in combat, though, so pet survivability is up enough to counter the falling damage numbers and keep them about as effective as before, albeit slower to kill things. Once the regen is fixed to not work in combat...
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