When using an already stealthy character? I see people raving about it when used in conjunction with an already stealthy character, but I can't for the life of me see the use for it. Yeah, i can see how it would prove very useful for non stealth characters [Mage etc] if you're needing stealth here and there and need to stop being overrun whilst casting powerful spells, so I'm not completely dismissing it.
With sneak already perked, invisibility and muffle are next to redundant. Fear and rally seem to be pretty pointless because 1) I don't want enemies running away only to appear a minute later and 2) I've never had much issues with followers that rally would become a staple. Frenzy, well, i want the one-handed or archery xp, so it would be the last thing I'd want to use.