Croesus
Adventurer
I'd be curious to hear some of the situations where they have used it to such great effect.
Three characters clearing out a tomb. They finally reached the mummy's chamber. The fighter/rogue charged the mummy, while the sorcerer and wizard stayed back. The mummy summoned his six skeleton minions who were in the back of the chamber, unseen. Hand to hand with the fighter/rogue, the mummy can't hit the broad side of a barn. Looks like a cakewalk.
In round three, the skeletons finally reach the characters. Unfortunately for the good guys, the skeletons get lucky - two crits, three other hits out of six attacks. The wizard goes down, the other two characters are reduced to half hit points. The fighter/rogue begins dodging, desperately trying to occupy the mummy and four of the skeletons. She dodges most of the attacks for three full rounds, finally dropping in the seventh round of combat (to yet another crit). During those rounds, the sorcerer takes down the two other skeletons, then uses a potion to get the wizard back in the fight. In their very next actions, the sorcerer and wizard finally drop the mummy, which causes the skeleton minions to freeze for a moment. One character grabs the fighter/rogue, the other grabs the McGuffin (mummy's staff), then they run like heck from the room and escape.
If the fighter/rogue had continued attacking, she would have easily dropped a skeleton or two, but would have gone down quickly, before the wizard was back up. The sorcerer would have been overwhelmed. By just staying upright, she occupied most of the enemies, allowing the other two party members to focus on the mummy at range. A really nasty fight that could easily have been a TPK.
The battle shouldn't have been that difficult - the players made some mistakes before reaching the final chamber, the biggest being they forgot to heal up from a previous fight. Still, when the dice started falling badly for them (3 crits in roughly 30 attacks), they reacted intelligently and earned a hard-fought victory. In the right circumstances, dodging can be a life-saver (literally).