I like to mess around with it from time to time, but no... it's not worth wasting a console slot at VA level, you're much better off with other consoles. Note that it also shares cooldown with tractor beams; in case you wish to use that power, but don't have the means, you could sacrifice a console slot for it if you wanted.
If you happen to be a fan of the series Enterprise -like me- you might want to consider buying the Enterprise bundle it comes with the Enterprise, mirror Enterprise and T'Pol's uniforms, along with the NX! It was my first purchase on this account.
I don't find the opportunity cost of losing a console worth it, but its not horrible in the right builds. Gal-X to hold things in your front arc comes to mind... Maybe some other low sci-slot ships could get some use out of it as well. In most situations you are better of actually slotting tractor beam instead, it will be up far more often.
Interesting note, it benefits from Tractor Beam Officer doffs, so you can make it a shield drain, as well... but for a doff slot you really want to be loading the skill to get more use out of it. The cooldown on the grappler is 3 minutes (?) that is a really long downtime to dedicate a doff to...
I once again match my character. Behold the power of PINK!