Like many other things, dodge is situationally the right call. It is to me most often used when you don't have any effective recourse against a foe for a given round, either because that foe is unattackable for some reason or you are in a terrible position and need to get into better position. The two examples in a game I can think of were:
1) Our party had to cross a hall in a keep in which we discovered multiple murder holes existed with archers peppering anyone who came down the hall. We dodged to run the gauntlet to get to the door at the end where we could get out of danger and find the actual ingress to the rooms where said guards were located.
SIDE NOTE: Our DM tried that trick many levels later, when I was a 13th level Druid. I smiled, turned the walls of the murder-hall to mud and we finished off the guards then and there.
2) Our group once faced off against an invisible foe who would attack from invisibility, go back invisible next round, and attack from hiding again. On rounds we had no means of attacking him, I (as a wizard who didn't like getting hit) would dodge and take cover to reduce his hit chance (-2 on TOP of him losing his advantage!) and popped out to attack when he became visible.