In theory and paper, it's not a terrible ability. From a healing standpoint, 30s of Fairy loss results in a loss of 2000 potency of free healing. SCH can easily make that up if all three stacks are used for Lustrate + 5 Physicks or 1 Indominitability (in a two-tank scenario) and 2 Lustrates. Anything you get past that is icing on the fairy loss. Of course there's the cost resummoning the fairy and the potential loss of Swiftcast or even more potency loss due to hard casting fairy.
From a DPS perspective, assuming 100% accuracy, you pretty much regain the MP loss with two Energy Drains while still giving you another 884 MP if you use all three stacks for Energy Drain at the cost of 2,000 potency in healing and your Swiftcast (or more potency if hard casting). This gives you an additional 450 potency of damage to work with.
It's a good DPS tool, especially if you know your healing partner can handle the extra load. On the healer front, however, it's not that great due to excessive situationalness of it. The only time I've used Dissipation to any great effect is in the final wave of A2S where the out going damage can be incredible in the initial barrage and it becomes much more manageable and reasonable after the 30s have passed.
With Dissipation, you're pretty much looking for a fight that has high spike damage up time for a moderate period of time that tapers off into something more manageable since you have a full 30s of boosted healing and the three stacks for more healing. That circumstance is an exceedingly rare circumstance. I haven't looked hard into the current Savage raid tier but the only time this ability seems useful (from what I've seen) is duing the ADS-style enrage Brute Justice goes through in the last 39% since you're much better off using AoE heals at that point (where Dissipation's 20%+ healing shines) than letting the fairy slowly do 200 potency every 3 seconds.