No matter what, I think it's acceptable in PvP. I've had a few healers rescue me when I really didn't need it or worse when I lost a kill because of it, but overall it suits the hectic and dynamic environment.

In PvE? I mostly use it on friends to give them a /hug to remind them I am there more than I use it for anything productive. Still has been helpful, though I wouldn't miss it if it was taken out of the game. Certainly not the only healer action I wouldn't miss if it was gone, like Fluid Aura, Undraw, or Repose (just change the role quest).