There are definite limitations, as described above.
Nonetheless, in or out of combat, it should be usable to scale a 40 foot cliff in a single go -- two 4-square move actions in a single round for a speed 6 PC -- without need for an Athletics check. That has its uses.
But I suspect the main idea of Acrobat's Trick is to let the PC run up a wall and down again to avoid OAs, traps, pits, obstacles, difficult terrain, pools of acid or lava, etc. Pump up your speed by choosing Elf, Boots of Striding and Monk MC + Fluid Motion, and you can zip all over without worrying much about who gets in your way. It's not quite teleporation, but it is at-will.