I just started playing a Gnome Sorcerer Fey bloodline, and he's only level 2 right now.
I like the Fey bloodline as much for the flavor as actual pragmatism-I'm focusing on enchantment spells for my sorcerer, and I like the options the bloodline gives me in combat. For example, I do end up using my "tickle" ability in combat; either to prevent a tougher opponent from hurting my party, or when I've run out of spells. Entangle is one of the best spells out there at low level, and I can't wait to get it. I liked the idea of some innate improved invisibility at mid-level, and knowledge nature is a great skill to have (if I had skill points to use).