Use it as a click power 'toggling on the off', works great as a means of damage mitigation.
Dark Bard, Zoobait, Debacle
jmsb
Por vezes d� vontade...
chucknorriss
speak american godamnit
My stalker has this too and so far I've mainly used it to buy some time for an ally over her head to recover a bit. I've also used it a time or two to get through a spawn to a priority target after I've been locked out of jumping. As any stone tank will tell you, when you can't jump and you're being surrounded by minions it's hard to get places. That said, the pulsing for defense thing sounds handy (and it's not the first time I've heard it) and it sits on my list of "things I can use to mitigate more but rarely do" along with waterspout and touch of fear, and to a lesser extent, spirit shark jaws.
I've said that this would be an okay power for Tankers to replace Cloak, although with the way Dark ended up Proliferated to Tankers I've changed my mind. I can't help but think how overpowered it would be as AoE knockDOWN, though. 
It does seem as if it should have been a click power though. Like, well, Hand Clap.
I actually got this on a stalker but have yet to find a good use for it. Some people may say its worthless, and some may say that its worthless until you get conserve or energy drain about which I am inclined to agree but has anyone found it useful other than a "gtfo someone else!!" panic button?
He will honor his words; he will definitely carry out his actions. What he promises he will fulfill. He does not care about his bodily self, putting his life and death aside to come forward for another's troubled besiegement. He does not boast about his ability, or shamelessly extol his own virtues. - Sima Qian.