Soul trap, and its morph versions, Soul Splitting and Consuming Trap, is in my opinion useful. I see this ability being used as part of a finishing combination. Last beta, an empty soul gem cost 23 gold, and a filled one I think was 10x that. With the soul gems you can rez players. I don't see Soul trap being used in pvp much because there are other abilities to help, but I as a pvper would use the ability in pve to get filled soul gems and then go to Cyrodiil. Just my opinion.