It does. Thank you for reminding me of that. Okay, perhaps not quite so useless. We have a mage in the party (actually an NPC that is currently being run by a player) and this feat just hasn't been used at all, so I guess I just defaulted back to my original thought that it was not proportionate to the other reserve feats..
Oh, that.
For the most part, Reserve feats aren't really worth the action in combat, unless you're on a very long grind (although there are exceptions; most notably Minor Shapeshift, Summon Elemental, and Dimension Step - the first for the temp HP renewable every round as a Swift action; the second for instant-flanking and a temporary hallway blockage; the third as a get-out-of-grapple-cheap card).
For specific builds, some of the reserve feats are handy in battle - Blade of Force is handy (extra damage) for gishes; the touch-attack direct-damage reserve feats are handy for Unseen Seers, Arcane Tricksters, and similar (as a vehicle for sneak attack or equivalent).
For the most part, where Reserve feats shine is
out of combat, although quite a few aren't useful there, either. The direct-damage reserve feats are handy for de-trapping; especially Acidic Splatter and Fiery Burst (the first for doing full damage to objects, the second for the 30-foot range at 3rd level). Touch of Healing and Mitigate Suffering stretch your healing resources considerably. Magic Sensitive is useful for those who want to find magical stuff and are lacking Permanency. Summon Elemental makes for disposable minions to throw at traps, and for handling things best left untouched. Born Aloft gets you across a lot of chasms. Face-Changer replaces a Hat of Disguise (and has some added benefits, but some added drawbacks as well). Sunlight Eyes lets you see in any condistions - including magical darkness - which is relatively rare.
Generally speaking, though, when I'm playing a caster and they're permitted, I'll generally go for Summon Elemental, and a Direct-Damage reserve feat (Fiery Burst if I'm playing below 11th or my caster has difficulties getting Acid spells; Acidic Splatter otherwise), and find some way to swing a constant Detect Magic effect (whether that's with Permanency, Divine Metamagic, or Magic Sensitive, in a pinch) so I can play something of the skillmonkey's roll if there's no skillmonkey. If my caster can easily qualify, I'll also often pick up Minor Shapeshift and/or Touch of Healing.