Yes, it's a bad talent. Yes it forces you to use a sub-optimal rotation. Yes, it's only very good for a comparatively short time on bosses. Yes, it's in my spec.
So far I'm finding that I am dying a lot, but I'm not threat capped at all. I'm doing loads of damage, and loads of threat, on either single or multiple targets. I'm therefore dropping dps talents and scratching around for any survivability I can get, and quite often in the last 20% of a boss's life I'm so far ahead in threat that my personal dps can drop a bit without a problem. The small 7%-ish heal you get from victory rush doesn't sound like much, but it's available every 6 seconds or so and just gives the healers some breathing space in that period, especially if I follow it up with shield wall or shield block.
It synchs with power auras - you can set your power auras addon to recognise the buff (it's called "victorious") to show you when the buff is active.