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So generally a class that has a pet have an upper hand in pve or pvm (or whatnot) situations since its pretty much 2v1.
Yes. Big time. The regen rate of your pet is what really makes the difference.
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Just how strong can a hunter pet get?
As strong as the Hunter (lvl 60 as of now).
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is each pet unique in its own way?
Somewhat. Honestly, in the end game it means absolutely zilch. So don't sweat it.
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Is it possible to use a pet to wear the enemy down then when pet dies run back ressurect the pet and keep at it?
Not if you're going solo. Soon as the pet goes down whatever it was that you were attacking is going to be on top of you so you better not stop shooting/swinging. Rez the pet when the battle is over. To do otherwise is suicide.