It is extremely valuable, randomly the Red Prince (as opposed to my custom character) received the summon spell.

Combat wise it allows you to reposition a character instantly, in the case of my opportunist attacker, I can safely move him across the field with high speed via the cat. The cat does mediocre damage, but isn't absolutely terrible (might help shred off armor, the two points required to summon it are more than made up by the ability to hard shift away).