As of 9/29/2012, Surface Trot is randomly dropping off me while I'm standing in water just fishing normally. Nothing is attacking me when it drops, and there's no duration shown, so I'm not sure what's causing it to drop, but it's happened twice and both time my pet has been standing right next to me when it happened.
Also, you will lose the buff if your pet is out and you mount and fly into the air, and then dismount anytime after your pet has disappeared.
However, if you stay grounded and your pet doesn't despawn, your buff will remain on you. So it might be better to dismiss your pet after you've given yourself the buff if you intend on flying in the air to keep it on you.
Edit: So it turns out to be a Tooltip bug. If you go into your pet skills list, it mentions it has a 10 minute duration.
The highest voted Wowhead comments for this page. They are community notes, not TheWoWDB comments.
There is an issue with the current buff tooltip. As of the start of the expansion it is missing the fact that it has a 10 minute timer. Thus giving some hunters the impression that it is an aura that lasts forever. This is why some hunters may be falling into the water while fishing. The tooltip for the spell cast from your pet however does clearly state that it has a 10 minute effect.
To add on to what is already known, this is indeed known by Water Striders. It works just like water-walking, except for one thing: It does NOT dispell if the hunter's pet is hit, just if the hunter itself is, even though the buff is applied by the pet. Tested myself on the beta with my lovely Water Strider, Fenissah.
Quite useful. :)
Edit: As of the latest beta-build, this is no longer true. It now works as all other water walking effects: You take damage and it cancels.
Tooltip
Allows the Hunter and the Water Strider to walk across water. Any damage will cancel the effect.
Spell facts
Datamined from the current retail build. Numbers that scale with level or stats are shown at their base value.
More Pet - Water Strider spells
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