It's only useless when the Fusion doesn't allow Substitutes or when Vagabond doesn't allow monster effects. It's really useful in a Blue Eyes Deck so you can have Blue Eyes White Dragon and Blue Eyes Ultimate Dragon out on the field at the same time.
In auto duel, had REBD and poly in hand and this crappy card and it doesnt summon Meteor B. instead it just set this crappy card and ended the turn.
No, not at the moment anyway. You can however get versago the destroyer from Kaiba, and mystical sheep #1 from some other thing (Mystical sheep #1 is another character drop I think). They are all the same in terms of effect, its not like you will use them for anything other than fusion.