It's underpowered not useless.

I like dodge quite a bit.  Of course it's spikey, like crit, so you may have some runs where you don't dodge at all.  But a well-timed dodge will also completely negate an attack by even the scariest of foes.  Plus it doesn't slow you down, like heavy armor.

Are the numbers accurate or hyperbole?  

I like dodge better than defense - even when my tank hero has twice as much defense as enemies have attack, the armor/damage calculation seems to let a nontrivial amount through, if enough trained units gang up on a defender it accumulates quickly. Meanwhile my assassin can ignore a hoard of enemies, enough dodge makes you nearly invulnerable in a way defense never will.

I'm assuming the OP's numbers are exaggerated, but if they're at all based on real values, I'd like to know how an AI militia is getting more accuracy than a hero has dodge if he's built to max it? Do remember that the minimum hit chance is 3% no matter how much dodge you have, so you'll always have a 3% chance to get unlucky.. but you'll practically never see two unlucky hits in a row against a properly dodge-stacked hero, so you only really need enough hp/armor to survive a single hit now and then.

I do not like chance-to-hit in turn based games. A broad damage range is enough randomness for me.

While I dislike the whole mechanic, I do use it sometimes, when I already have some dodge to start with. Assassins (that were forced on to me) and Wraith units start with quite some dodge, making it worthwhile to increase it further.

Why is this sick?  I like it....    lots