Shield Swipe is definitely very good on longer encounters to weave in every so often, as it provides a reasonable amoutn of damage/threat for a measly 40 TP.

Don't underestimate the pacification effect though, it DOES reduce damage intake on you if you occasionally throw it out on mobs when tanking AOE packs and such, and you can use it like a ghetto interrupt at times. I don't think I'd -miss- shield swipe if it got removed, but it's certainly worth being on the bars.... albeit not in a key spot that a more regularly-used skill could occupy.