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A clarification of Camouflage and what becoming obscured actually means:
Camouflage is *not* stealth. Your enemies will never wonder where you are. We're trying to use the new Cataclysm water effect to put a shimmering PREDATORy visual on you. It's protection from ranged attacks and it gives you some combat bonuses, but it's not like Shadowmeld or rogue / druid stealth where players can't find you.

The idea with it is that Hunters are only vulnerable to melee attacks or ranged AEs while they are in the obscured state. If you target a camo hunter or a rogue using Smoke Bomb, you will get an error message saying something like "Target obscured." You can see them and target them, but can't use your attacks. Imagine they are behind a pillar or something. You can try and get off an AE near them or you can move to melee.

As most of you know, we tried Camo once before, but because it was true stealth it was very hard to balance, plus it felt like we were just handing out the same cool abilities to every class instead of coming with unique mechanics. Hunters were so overwhelmingly excited about the basic idea that we wanted to try it again, but not as stealth.

Regarding Cobra Shot sharing cooldown with Steady Shot:
At this point in time it's not actually a cooldown. Cobra Shot has a 2 sec cast time, but Beastmaster has a talent to reduce the cast time to 1.5 sec (as well as a few damage hooks). Both generate focus so there is no reason for BM to ever use Steady again.

Regarding focus and how much of it Hunters will have:
Hunters will get 100 focus

The focus costs mentioned in the preview are just examples, so it is a little too soon for you to try to min / max your rotations just yet. In general, the basic rotations of all three hunters work okay on live today. With focus you might hit moments where you don't need to Steady at all, and you'll never run dry again for long periods of time like you might with mana.

If the costs of some of the defensive cooldowns are too expensive or even need to be free that's certainly the kind of thing we'll consider.

Regarding Ammo in Cataclysm:
There is no ammo slot on your character sheet in Cataclysm. It no longer exists.