Grave touch is the shaken condition with no save. So it has some uses.
-Touch the creature then let the fighter with shatter defenses make his attacks at touch AC. Probably the best use.
-Have your inquisitor/barbarian/fighter make a demoralization check then touch him and he is frightened. removing him from battle.
-Out of combat it is great for influencing people.
-Dirge of doom and grave touch has your opponent running for the hills.
Other than that it's just an interesting flare.