The eladrin wizard in my campaign loves fey step. He uses it to climb stairs in the inn, "hop" over the puddle of mud in the street, etc.
Seriously, if that character existed in the real world, he'd be using fey step to go see what was in the fridge without having to do all that pesky walking.
That said, I think both Elven Accuracy and Second Chance are probably superior powers insofar as combat goes. The fey step is nice, but 5 squares of distance is just setting yourself up to get charged in most situations.