I'm firmly in the camp of useless waste of money.
Playing bard is all about twisting songs, as you improve at bard you know exactly how many songs you can twist before you need to cycle back through. By knowing this you also know when a song, like charm, will break. Its very rare that bard's charm breaks at any time other than max duration.
Mobs start to run away at sub 20% health, if you're charm kiting you should also be using DoTs to kill the mob effeciently. Once its below 20% just simply don't re-charm the mob, instead drop a snare on it and let the DoTs finish it off.
I use a 6 song twist and have leveled 2 bards from 50-60 at geo's using this method
Song 1: Charm
Song 2: DoT 1 (fufils)
Song 3: DoT 2 (chant of flame)
Song 4: DoT 3 (chant of frost)
Song 5: DoT 1 (fufils)
Song 6: DoT 2 (chant of flame)
Then I cycle right back to song 1, standing max range from the mob a new charm will land between the break and before the mob gets a melee round on you. Each time the new charm lands on the mob you were DoTing on the last charm so they both die at same speed.
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