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If you rush getting it, say goodbye either to your ranged spells or dodge. It speeds up dodge, adds tiny burn damage to enemies (8 hp/s for a few seconds when I got it) - and each dodge will start to cost considerable amount of mana. I found no way to turn it off. It will revert to basic dodge if you have the "wizard block" situation, but that won't help you cast your fireballs.

I just decided to revert to nearest save after getting it and never spend that last skillpoint, and finished the game just fine without it. It may be somewhat usable near the end of the game when mana is not as rare resource - I never vent below half of total mana even in the final fight, but seems like more trouble than its worth.
I found it really useful, especially with some of the enemies later. It speeds up your dodging enough to get away from enemies to recover or wait for the potion cooldown (which is, IMO, too long).

But I didn't really focus on ranged abilities, either. I found most mobs moved too quickly for them to be a big help.
I know that I'm posting in an old thread, but I'm just playing the game now, and I notice no difference at all when I dodge after having unlocked this ability. Is this another bug?