Pseudo Space doesn't retain its copying effect once it leaves the field, so it would no longer be treated as "Geartown" once it hits the Graveyard, and thus, would be unable to summon another Ancient Gear monster.
THIS IS WHY YOU'RE SUPPOSED TO PAY ATTENTION IN CLASS. GET OUT OF MY SIGHT, SLACKER!
Oh yeah, didn't notice the effect last only until the end phase.
3rd Rate Duelist
I had this in my deck and then my brother made me realize that If you have two of the same field spell cards (For example Mountain) in your deck then this card serves little use because if one was destroyed then you could just use the other.
So Not a useless card by any means, just limited usefulness as far as I can see.