I have some experience with the spell, several of my hunters use them for buff trading (Channel the Gift for a Heroism usually) and it save me from buying a wand of heroism.
A wand of channel the gift is pretty damn cost effective though, and it allows a character (or a group) to invest money to save on spell slots, which could result in plenty of unused spell slots at the end of the day.
I agree with Andrew though, after seeing too many improved familiars with wands (usually ill omen) and considering that you can get access to an improved familiar without levels in a spellcasting class, I think improved familiars are the problem.
I have to disagree I do not see a problem with improved familiars. I see more of a problem with charging cavalier hitting for 120, a raging barb with 5 attacks getting for 40 or more each hit and of course he only misses on a 2.
We can sit here and argue all day long about what we each personally think needs to be removed or just play the game and have fun.