It's not effective at all.
In fact, I would go so far as to say it's utterly useless, since it costs 500 mana and he'll go away after 3 turns.
Also, as an addendum, The summon line really needs the summons to be re-organized, because most of the most powerful summons show up quite early.
For Empire, summon skeleton is a free sacrifical summon every battle, very useful. And summon skeleton horde is ridiculously overpowered with the swarm bonus factoring in. The biggest thing is that the AI likes to focus on the skeletons, which basically prevents damage to your actual army.
For Kingdom, summon wisp is a critical unit for healing and damage. The lightbringer, however, isn't very good since it has 21 physical attack. It does make a useful tank, but ultimately, it's completely outclassed by summon skeleton horde.
And on the main line...
- Summon air elemental is by far the best summon due to it's high initiative, lightning damage, impale, and spell.
- Grave elemental (in my experience) is worse than the earth elemental.
My suggestion would be:
Ice elemental --> crag spawn --> grave elemental --> earth elemental --> air elemental.