The opposite is true for Rapid shot, one point makes you fire slower.
At 5/5 each of these talents correctly reduces or increases firing speed as they should... but the tooltips are way way off because it's not using the formula the talent is.
Rapid Shot claims to increase firing speed by 58% but instead it's only reducing it from .8 to .66.
Aimed Shot claims to reduce firing speed by 50% but instead moves it from .8 to .99 (which really makes it a pretty awesome talent considering
).