I think that it will play out similarly to Rogue dodge. You get an occasional free attack, and you use the free resources to help set up your next kill.
You can also pull a trick with Dodge that I call "dodge scumming," where you poke a monster that you could only beat with a successful dodge and just go exploring if it doesn't work. This is only worth doing if you have no good targets and need to explore anyway. The problem that I see is that Rogue attacks do way more damage than Fireballs do, so this might be marginal on a magic support time.
I could see this being really nice on Warlords, where an occasional free CYDSTEP will save you enormous amounts of resources.
Also, Orb of Zot sounds beastly now. Going to have to pull it out of my veto slot and see what happens. Or better yet, leave it vetoed by also put one in my locker. I think that Monks will be able to do crazy things with this.