If you squint, this is 2 resources for a Fast attack at +1 to hit for +1 damage. That's a pretty fair rate. There are a decent number of asterisks on that, though; it's not going to be useful against most stationary boss-type enemies, for instance.

One particularly good use is to clip Hunter enemies that are catching up to you, as this can potentially defeat them after they Hunt into your location but before they hit you.

When it isn't useful, it's still got excellent icons.

Note that this doesn't generally work against Aloof enemies; use the Rope Trap for that.