I don't think there are any useless units. Even if a unit doesn't have good stats (like a peasant, for example), it's still useful in large numbers.
Hmm... I agree. If a monster is in the game, it must be useful for something ;) As Pandora pointed out, first and foremost, it's good for gaining experience in large quantities!!! :D
And even seemingly weak peasants have helped me more than once. When you have about 8000 of them sitting in a castle, you know, any lord would be envious. :D 8000 gold per day is a pretty good addition to your income :rolleyes: