Your Faerie Fire spell also increases the chance the target will be hit by spell attacks by 3%, and increases the critical strike chance of your damage spells by 3% on targets afflicted by Faerie Fire.
Improved Faerie Fire primarily adds additional raid functionality to the Balance Druid's [Faerie Fire] by helping other DPS classes increase their own DPS.
As a 30+ Balance druid you will find your time spent meleeing will be limited even with the new Moonkin mana regeneration bonus as a result this talent will most likely have little to no effect on PvP
The PvE implications are significant, chance to hit is prized by all spell casters and as a result this can be a significant raid environment upgrade.