I play a feral druid, and I can't say that I've noticed this bug very much, but I tend to shy away from PvP situations where it would be likely to show up most -- mainly because I find feral druid PvP to be very difficult (though I keep trying now and then). Perhaps this bug is one of the reasons for that, but everything is just too fast-paced for me to see?
In any case, Vaneras on the European WoW forums responded to a poster in order to let us know that the developers are indeed aware of this "concern," and they ... well... that's it. They're just aware. Nobody knows if they'll actually fix it or not, though I would assume they will at some point.
In addition, Vaneras says the developers are aware of the some graphical imperfections in some druid feral forms, and they also "like the idea of new graphics and models for the Druid forms, however there are no plans for such in the immediate future." The key word here is "immediate," which implies that the not-so-distant future might be quite different! Is there hope for feral druid graphical updates in Wrath of the Lich King, perhaps?
[Update] I just got back from testing this in PvP, and sure enough I found my special abilities weren't landing, even though I was on top of my enemy. Click on the link below to see a video of this bug in a PvP situation.
There are other links available, such as the one from a commenter below, to a couple Google videos. Where I live (in China), however, I cannot access Google Video, so you'll have to follow the links to see if they make the issue clearer for you or not. Below is what I was experiencing in my PvP test, from an additional video I found. It was posted on YouTube on November 11, so what you are seeing is not the same as the global cooldown issue we covered a week and a half ago, which started on the 13th, with the release of Patch 2.3.