It's useful if you make it useful. Those who need precise spacing like Marth, Duck Hunt, etc. will find great use in it. Other characters/playstyles that are about going in and have no need of spacing won't find use in it. It's pretty much no different from wavedashing in this respect, wavedashing isn't an omnipotent tech that can be used in all situations, and not all characters find amazing use in it. I don't think it's enough to create a massive change in the meta-game, but used in conjunction with other techs that people have been using, the meta-game could be quite interesting.
