Before a few days ago it seemed like a wasted spot on my wand but after using it over the last few days I have found a good place for it in my mana-intensive wand. Paired with my Demon build I've found that it can end matches that typically I have no mana left to do anything in. It's accurate, fast and often unexpected. Three quick bolts can be a nice finisher if you're at a Health advantage.
I think I would like it tweaked to 4HP/10Damage though or 5HP/10Damage then three bolts would be one health pickup.