I have had it used very effectively against me. You use it as a juke, not as a direct approach. If you waveland it properly, you get a massive sudden shift in direction with a huge hitbox. You can also land usmash and bair off of it.
At worst, it gets shielded and you get a free fully charged Aura Sphere to throw. Not bad.
Rolling behind it just means you shield and return to the neutral. If they roll in front, you can fire a shot.
I get that much, but what else does he have to threaten you from rolling away once he jumps? Like, worst case scenario I can think of is you eat a RAR Bair when you roll but that's not going to be something he does on reaction and if he's jumping in deep enough that that's even an option then the aura sphere wouldn't bait anything out anyway.
It becomes a much better option when his opponent's back is to the ledge I guess? Otherwise, I'm not really seeing what's good about it. Maybe I just need to try to fight it myself some time.