In principle, it's useful in battles against moving neutral creatures when you have archers in your army. Otherwise, it's not very effective, and it's completely useless against skilled opponents – weavers, cyclops shoot, angels and demons fly.
They nerfed it a lot in the patches, but it's only beneficial against moving troops. And even then, while they're attacking, the map is too small to use it to dodge – because the demons will stand in the center of the map, and no matter where you run, they'll be able to reach you. Well, not always, but they'll still catch you in the end.
Although, with the "Forward" ability, it can move first and far, so... but it's still not worth the effort.