hm, concerning Chimera's definition i would personally disagree-- i do like to be treated like a pet, but not in a 'babydoll' or in a 'Daddy' context. The difference i see between being a sub and a pet is that, at least for me, please don't take it as a generalisation or an accurate definition, but if i'm in a sub state of mind i tend to talk more, when i'm in a pet state of mind i tend to act more, i become much more physical, i ask for attention physically, not vocally. that's that for the state of mind.
when it comes to, uhm, i dunno, practical stuff, there's the basic fact that when one acts like a cat/dog/piglet they shall be treated as such--which, let's face it, is the fun of it *smiles*. so, as The Tester previously said, most subs who enjoy or find themselves in pet roles do [in my experience, at least] get treated like actual pets, even for short periods of time.
also, what Logic said, it might even be just a simple term for one's sub, it probably does mean different things for different people--but for some of us it works quite well *grins*