Here's my breakdown:
I can throw a guy straight up 50', which equals 5d6 falling damage, and will negates. I can instead hit him with Energy Missile for 5d6+5 and reflex halves.
There's no light weapons I could carry and use in a mass throw that would outdo 5d6+5, also (say if I TK'd 5 daggers or arrows at a target). Plus it can miss.
The best use I can see is near natural terrain that would help (cliffs, water, lava) or if a group of low will save types are standing close together, I could yank several weapons out of hands and fling them all into one enemy, thus disarming several and damaging one.
Grease can disarm for 1 point, though (granted, only 1 enemy at a time).
Is there anything I'm not seeing? I'm trying to fill a ranged damager (blaster, I suppose) roll for the group.
I'm looking at Energy Wall as the other 3rd level power, though possibly Time Hop for it's usefulness in so many ways.