I know that it is possible to, "raise," the pedigree of common pets by hatching them with high pedigree pets. You are very likely to get another common pet, but it will probably have a higher pedigree, and it may even learn better talents. Now those talents can be quite usefull. I like the talents that boost my characters statistics: health gift, mana gift, pain giver, ect. Pets with high max statistics give higher bonuses than weaker pets with the same talents.
To me a powerfull pet is not a pet with a high pedigree, but a pet with high statistics.
I would like to be able to increase the statistics of my pets through hatching.