In my group it has seen fairly heavy use, due to the number of concealed opponents my DMs have enjoyed throwing at us over the years. When you first encounter a hidden opponent/object you are allowed a reactive Spot tjeck as a free action. If you fail and you don't have this feat, it takes a move action to try again. This can get extremely annoying when combating sniping opponents, invisible opponents, and opponents with Hide in Plain Sight. However, with QR, you can Spot and Listen for the opposition every round for free. This allows you to not only locate the enemy, but also move to their location and either attack or point it out to the rest of the party members that failed.
Overall, I'd say it's a good feat; it's not the greatest, but far from useless. If the party scout has an open feat slot and would greatly benefit from being at the top of initiative (i.e. Sudden Strike/Sneak Attack/Cloaked Casting) than it's definitely a viable feat.
How useful the feat is depends almost wholly upon your DM's style. I've seen DMs who will essentially give free action spot/listen checks to everyone - which devalues the feat.
If you aren't sure how your DM will handle things, the two of you should have a chat before you decide whether the feat would be worth it.