Welp, I have beein maining SV on Lordaeron ever since I started raiding and I can tell you that it is very viable. I'm perfectly aware of the fact that MM starts gaining way more later on with ARP gear, but I've also noticed how bad SV can look when compared to MM in 3.3.5 if it's not played correctly. Seeing these players and putting them in comparison with those that DO know how to play SV (like me), is already telling me that SV is perceived to be a lot weaker than it actually is in reality.
But, as it has been established several times now, due to the rich amounts of ARP you find on ToC+ level gear MM will come out ahead, but also because from what I recall ICC fights are not exactly fights you should or could play as melee when being a hunter, which means that you cannot properly use traps in your rotation, which in turn in my experience automatically makes SV a weaker spec than MM, on any level of gear. Using explosive trap + frost trap with T.N.T., Resourcefulness 3/3, and Glyph of Explosive Trap is the reasony why SV is so insanely strong at low levels of gear when there is no ARP to boost MM.