They're usefull, yes, but not THAT usefull. 1k of altitude doesn't translate to a whole lot of speed.
I don't even consider the energy I have stored in altitude untill I have at least 2k's worth. Below that, its insignificant, and you would do better to bleed a little E to dodge an attack rather than dive away in hopes of out-running someone.
Its less compromising to your situation in the long-run, as you aren't putting up a giant "out-matched, frightened aircraft here! Come get a free kill!!" sign, and you're better possitioned for a guns solution of your own if the enemy screws up.
Of course I fly a 109K, which has insane energy building properties, so who can say what that has done to my tactical thinking.