With the requirements of the forms chosen with Wild Shape the nerf to duration may even be unnecessary, but I like it being there. I would suggest an "Extended Form" feat allowing the Druid to choose one Wild Shape form he knows and extend the duration to 1 hour/level. Another suggestion would be to cap the number of forms the Druid can know. I don't know what formula would be best, 1 form known per Druid level, 3 forms known per Wild Shape use per day, who knows, but given that Wild Shape is as powerful (or more so) than any level equivalent spell, and that most spellcasters have a limited list of spells known (stupid Cleric), I feel it's only reasonable to limit the Druid's Wild Shape forms.
Compare the half-progression Animal Companion to a full-progression Familiar. If by comparison the Animal Companion is significantly less useful you might as well get rid of it. On the other hand, if it offers about as much use as a full-progression Familiar then you're probably right on the money.