As previously stated, bind sight is primarily used for scouting. That said, you can do some fairly impressive stuff with the spell, especially as a bard (no mana cost, so it doesn't cost you a thing to jump though tens or even hundreds of bodies).
Want to see if Trakanon's up for your epic? No problem, just target the nearest mob from zone in, cast bind sight and switch to 3d view. Song pulses on the tick, your viewpoint recenters on mob. retarget next closest mob to trak, wait for tick, viewpoint recenters on new mob. Rinse, repeat. (Can be fun, educational, and even lifesaving to scout around the zone this way while the group buffs up; the spell has no practical range limit, so you can go anywhere you can get a target.)
A secondary technique for this is to combine with the eye of zomm spell. Bards get a clicky helmet with this effect from their Velious armor, but anyone can use stalking probes for the same effect. (Or have the party mage to the pretargeting.) The cool thing about the eye of zomm spell is that it doesn't change your target, nor does it move you around while you scout (if you cast it between server ticks, your movement may still be bound to your body until the tick hits - it's not a bug, it's a feature <G>). So, you can pull a mob and engage it with your normal melee and spells, cast eye of zomm, and leave your body still in combat while you go find the next pull. Once you've located your mob, target it briefly to put it in memory, then hit the "toggle last two targets" button to retarget the current pull. As soon as the current pull falls, or even slightly before if you're chain pulling, toggle targets again, cast bind sight, and pacify/pull the next room.
Another useful technique is to use bind sight to guide new or lost party members to the group. Oh no! Bob was AFK and we're miles away from him now. No problem. Use your function keys to target the lost party member, cast bind sight so you can see where they are, and talk him through the route to you.
If you're not the active puller, cast bind sight on the person who is to allow pacifying and/or pretargetting for mez/snare/root/agro.
The bottom line is that it's a spell that allows you to move your viewpoint to any place within the zone that you can establish a target. The utility of such an ability is only limited by what your devious little minds can come up with.
- Neolith