If you take this ability as a Medic, make sure to tell your teammates to try to die in large groups if they have to die at all. Would be non-excellent if you just get like two guys at once. Of course, there's also the fact that you can toss it for long-distance revives, meaning that you can revive-snipe without giving away your position.
Hey reviving 2 guys at once is still better then reviving one and you both dying. If they both got revived at the exact same time and you where there as well you could make a push for an objective. This is not only effective if you revive a group of 5 can be usefull in other situations as well.
Ex. Your defending a plant you armed and it has 15sec left everyone is down besides you and you see 2 teammate on the ground you throw this and the 3 of you make a push defending the plant long enough to move onto the next objective.
Also like you said it gives you the ability to revive from further distances which is nice.