Personally I see leadership as a great feat for smaller parties that need an extra member to cover a vital role. I play in a large group where having a couple of extra PCs to look after slows down combat unnecessarily, we use a homebrewed version of the feat which doesn't provide a cohort, but instead allows party members to build bases in cities and exercise political power. The bases cost 2000g to start with and gradually increase in size (this can be expedited by putting in more gold).
The PC can have their followers source free items, the number and power of which go up depending on the size of a stronghold (so a small stronghold might be able to get a CL1 item once a month, whereas a much larger stronghold could get a CL8 item and multiple CL1-3 items in that same time). We find that's it's a great feat for roleplaying and helps increase the feeling that the PCs are having an impact on their world.