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Phoenix, it works both in and out of cyro...if you're wearing all light, it can be a real life saver...
sure, if you're getting zerged down - it's not helping...
for those little oops moments though, works great...couple it with streak and it can save you over and over again - well, at least every ten minutes or so
PVP Campaigns Section: Playstation NA and EU (Gray Host) - This Must be the Place
Elegant isn't the best for PvP. Both heavy attacks and overload are slow and easily dodged or reflected. You might have more success with the traditional curse+frag+mages wrath combo. Crushing shock is a good filler with constant pressure, and soul assault is surprisingly effective as a finisher, or against dodge rollers or DKs.
With that said, an underrated build is the sorc ganker. While in stealth from overload, use mages light to empower a hard cast crystal frags, then overload light attack while they are stunned, followed by mages wrath to finish. That should be enough to burst a single target. Use vamp for sneak speed bonus and streak to escape a failed gank. You might be able to use elegance effectively in this playstyle.