Build up is for your pets and will not affect you. It's a chance for build up per attack (as of I14), but I don't think it changed.
They most definitely do NOT suck! Especially in characters that can summon multiple versions of the same pet that the proc is slotted in.
I have one in my Illusion troller's Phantom Army, and one in my purpled-out Warshade's Extracted Essence. The proc has a chance to fire for each attack by each pet, so with multiple pets there are a lot of chances to fire. When it does fire, the build-up buff only affects the pet that used the triggering attack.
For example, I can keep three Warshade pets out at once with all my global +recharge. Pet #1 fires dark nova detonation and the proc goes off. For the next 10(?) seconds all of pet #1's attacks are buffed, but pets #2 and #3 get no buff. With all the attacks being fired between 3 pets, there are a lot of opportunities for the proc to go off, so overall damage from those pets is significantly increased over time.
I don't have a fire/* troller, so I have no direct experience with this proc in Fire Imps. I would imagine it would be fantastic, though, since imps attack so quickly. They could get a number of attacks off while the buff was active, plus there would be LOTS of rolls for the proc to activate.
I know that proc was borked in imps at one point, but it was supposedly fixed in a patch not too long ago. Perhaps someone with direct experience can speak to that.
Slot that proc, it's awesome.
EDIT: Fixed typos and spelling
...in CoH racing to 50 is like trying to race to the end of your vacation. -Arcanaville
Debt barely slows down levelling these days. It's just a little bar that measures how much Awesome you've generated recently. (If you're not getting debt, you're just not trying to generate Awesome hard enough.) -Kelenar
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They most definitely do NOT suck! Especially in characters that can summon multiple versions of the same pet that the proc is slotted in.
I have one in my Illusion troller's Phantom Army
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It's my understanding that the Soulbound proc is worthless in PA because PA are immune to buffs. I would love to be wrong on this. 
If you monitor the Pet Healing Received on Phantom Army, you will see:
"Decoy: your attack accuracy and damage have been increased"
It does work on PA. Tal_N was the first one to establish that, I believe.
Wow, I'm going to have to rethink my slotting then. Thanks!
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They most definitely do NOT suck! Especially in characters that can summon multiple versions of the same pet that the proc is slotted in.
I have one in my Illusion troller's Phantom Army
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It's my understanding that the Soulbound proc is worthless in PA because PA are immune to buffs. I would love to be wrong on this.
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That is not correct. I used Tal_N's slotting for my PA, and the proc works to give spikes to my PA's damage. I think it works because the buff comes from the slotting actually in the power, rather than an external buff. I give the slotting as an option in my Ill/Rad guide. The only major downside to that slotting is that you don't get any global Recharge, which you can get from the Expediant Reinforcement set.
LOCAL MAN! The most famous hero of all. There are more newspaper stories about me than anyone else. "Local Man wins Medal of Honor." "Local Man opens Animal Shelter." "Local Man Charged with..." (Um, forget about that one.)
Guide Links: Earth/Rad Guide, Illusion/Rad Guide, Electric Control
Yeah, no way I'd give up the Expedient Reinforcement bonus. With this new information I'm going to go with:
Level 18: Phantom Army
ExRmnt-Acc/Rchg(A), ExRmnt-Acc/Dmg/Rchg(19), ExRmnt-EndRdx/Dmg/Rchg(21), ExRmnt-Acc/Dmg(21), S'bndAl-Dmg/Rchg(23), S'bndAl-Build%(23)
Capped Rech and Dmg with 70+ acc, without losing the Expedient Reinforcement global bonus, while getting the proc.
I (rather counter-intuitively) 5-slotted my PA with:
Soulbound Allegiance A/R
Soulbound Allegiance A/D/R
Soulbound Allegiance D/R
Soulbound Allegiance Chance for Build Up
HamiO: A/D (Nucleous Exposure)
That's 90% Accuracy, Damage and Recharge, plus the proc.
In Phantasm, I put:
Expedient Reinforcement A/R
Expedient Reinforcement A/D
Expedient Reinforcement A/D/R
Expedient Reinforcement E/D/R
HamiO: A/D (Nucleous Exposure)
That's 95% Accuracy and Damage and the +6.25 recharge global.
I always feel slot-poor and loathe to six-slot a power unless I REALLY MUST.
I got one of these on a drop, and as I've got a Fire/Rad Controller at level 45 at the moment, I thought it might be a nice "welcome to 50" present. Then I noticed that they sell for less then some salvage. I'm wondering why?
Does the Build up only work on the Controller, and not the pets? If so, does it only fire when the pets are summoned? Basically, does it suck?
My first short story (detective fiction) came out in Jan-2012. Other stories and books to follow, I hope. Because of "real writing". COH was a big part of that happening.