Blue mentioned all their attributes will (eventually) raise based on a % of the Shamans attributes. This applies to everything except hit rating, in which it is directly copied over.
They do benefit from totems.
As of this post, Heroism does not effect as they are not considered "party or raid" members.
As of 3.0 live, one of their abiities are now passive. Every successful attack, both wolves and the shaman gain equal amount of health to the damage done. At time of the post, they do approx 300damage~ per and attack at 1.0(.7 wf totem) aspd. That's an average of 1800/3hp a second for 45 seconds every 3 minutes, provided conditions allow.
Spirit walk gives you, and them, a rogue-esque "Sprint."
They come with a PvE tanking taunt.
They also come with an attack that closely mimics a druids(cats) Feral Charge, however a 2 second stun at a 30 yard range.
It may not seem as powerful as some of the other new 51pt talents, but I am highly satisfied with the potential.
