i would assume it effects your speed

Movement speed no.

yes it does effect your movement speed... the new speed enhancements show directly on gear


Speed

Speed increases players' movement speed. Speed is calculated additively (not multiplicatively), and most movement speed buffs will stack. For example, two separate 50% movement speed increases will result in 200% movement speed, not 225%. Prior to Warlords, increased movement speed as a property existed in the form of enchants like [Enchant Boots - Pandaren's Step], but now appears directly on gear.

Maybe it doesnt affect feral form because I equipped one earlier and I didnt get any bonus MS

not sure about that but i know it is an actual stat now

what a useless stat..

I would assume you'll need more than 72 points to get 1% MS bonus.

What add-on is that where it shows the value of items? I can't find one like that used to have it but forgot.

it's movement speed, but like all stats you need to stack it to really get any effect from it