i wouldnt say its useless, nothing is, but too expensive for a 5 perks investment. I take it you have it selected. What items have you got out of chests?
most noticeable at high levels are some daedric armor parts with enchantments (I found them around lvl57).
you can also get enchanted ebony (and glass if you are into light armor) at early levels, more useful potions (including blacksmith and enchanter ones), and lots of enchanted rings and necklaces and also more materials.
I also found lots of daedric arrows, which is really good for my archery/one-haned/light armor/lockpicking/sneaking char