At a cost of 2 AP and creating a very small ring of smoke around you for a single turn, I'm just not seeing the point of it at all.
It even breaks stealth when you cast it.
I'll necro this since I think it has its uses.
I think it should mainly be used on a glass canon rogue or a lone wolf rogue. The glass canon is especially trying to avoid taking status effect, so it's always a good idea to end your turn either invisible, stealthed or in smoke. First turn you'll probably use chameleon cloak, but later turns you'll need to rely on something else, hence the smoke cover.
I was hoping to find a crafting recipe for the smoke grenades, but I'm outta luck, so I learned that skill instead.