ok, first of all, the skill description n GWGuru is quite frankly wrong, although the person who posted first described it's working correctly (more reason why I only look up skills on GuildWiki and nowhere else). The skill type is a skill, not an enchantment. If it was enchant, it could be stripped easily.
As for it's use, I can really only talk in terms of PvE, since that's where the majority of my rit experience is. I'm sure it works great for some builds that don't use a lot of spirits, but I generally ran with Recuperation, Shelter, Union, and Displacement. I used Ritual Lord for this because there really was no point in destroying one of these spirits early then recreating it after because if the fight was steady, that spirit would be recharged by the time the old one died. If it was an intense fight the spirit could likely die before you could target it or while you were in the middle of casting another spirit. This also worked for one spirit at a time, so in builds like mine that were based around dropping multiple spirits, it was simply advantageous to have them all recharge ultra fast and be able to almost continually drop them.