Increases the damage you deal with ranged weapons by X%.
Ranged Weapon Specialization is a talent in the Marksmanship tree that increases all damage dealt with ranged weapons. It affects both auto-shots and special shots such as Chimera Shot and Steady Shot. While it does not affect pet damage, it still provides a significant boost to the hunter's damage done for a relatively low talent point investment.
Since the first talent point provides the least benefit, you should always strive to spend the full three talent points in this talent. The more points you spend, the better the returns on your investment will be. At one point you get 1.0% extra damage per talent point; at two points you get 1.5% extra damage per talent point invested and at three points you get 1.67% extra damage per talent point. Except for when leveling up and first getting the talent, leaving it at 1/3 or 2/3 is very inefficient.
Edit
Patch 3.1.0 (2009-04-14): Points reduced from 5 to 3, 1/3/5%. 
