"ToA!" greatly increases the damage of the pet without needing to invest much into Beast Mastery as it gets roughly +20 damage each strike.
In addition you and your pet have decent recovery due to near constant +10 regeneration.
Nearby party members benefit from +damage and regeneration.
Unlike the other Pet Dagger Spam build it is not reliant on a conditional energy gain skill such as Scavenger Strike, making it more more universally usable.
The pet variation lacks the 75% block from Lightning Reflexes, thus it is a little squishy.
By far a major improvement on the old pet version due to the innate damage scaling of the pet on the elite plus double dipping due to affecting both the pet and oneself. Pet AI is still flimsy though and thus the pet can lock up under certain conditions, limiting its performance. By far ranger's highest damage build regardless.
The non-pet version has almost no real flexibility to it in skill choice which might make or break some areas. The possible merge with the ED variant may help fix that issue in areas where you need optional flexibility and don't have other physical party members to buff.
For both builds the elite serves as an incredible physical buffer if you have other physical party members, and the high amounts of regeneration keeps the front line alive and well. It's unable to be removed like SoH as well which is a huge benefit. Overall a very solid martial pick with a healthy balance of damage and survivability.
Single target DPS is fantastic.
I'd probably run a 11(+1+2)-11-8(+1) split to boost Beast Mastery a bit as the 10 second disable if your pet dies is really painful.
[About the petless variant] Decent damage dealing capabilites. While, regarding the offensive performance, other elite skills (expert's dexterity, wastrel's collapse) would be preferable if you're the only physical in the team, the defensive capabilities of TaO help stabilizing teams and if you have multiple melees, you even improve their damage output. Ideal in a triple melee setup.