I hadn't really thought it was too big of a deal; Cat Form isn't much better against physical damage then caster form. But we'll see what others think.

I haven't seen anything Cat Form specific, for increased armor.
Dire Bear form on the other hand, increases armor by 370%.
Not sure if the 10% is calculated before the 370% or if it is additive, resulting in 380%.

Three points, gets 10% additional armor, which is physical mitigation.
One of my two builds, has two unspent points which could certainly go towards Thick Armor.
The other build focuses on Ferocious Bite, but could easily spend points on armor instead.

So much depends on relative health levels in Cataclysm, the speed in which focused damage depletes health and the power of heals.
Ferals have a lot of toys in their favor, but they need to drop out of Cat/Bear form for Healing, which is the largest knock against them, compared to the DK/Ret team that can heal and DPS from their one form.