It's rarely great, but I wouldn't say it sucks.
The problem with EB right now is max PP is very small (~25) and I haven't found anything besides going home or spending the night in the local hotel for $35 that replenishes it. (The butterflies are too sporadic to count on.) This makes it so out of the 3 Psi powers I've learned thus far (Life-Up, Hypnosis and Rockin) all are being ignored except for one that replenishes life.
When I got to the cave past the locked shack I ran into a group of 4 slugs. I could kill one in a single attack, but since they each got to attack me for each one I killed, it means I was injured 10 times during the fight. The second time I ran into a group of four I thought to myself oh-ho! I'll use my awesome new Rockin Alpha to wipe you suckers out. I did, and it worked, but it blew through almost half of my Psi Energy (10 PP). I would have been much better off killing them individually, then healing for a cost of 5 PP.