i Havent seen instant powers either.
At level 1 the refraction isn't worth it. at level 7 you wont have that refraction time with dodge (magnitude 1 is sufficiant) and you can avoid the attack completly, if the maneuver is a success.
Energy dispersal can work against multiple attacks, ie you can use it at level 7 with no refract against one attack, level 12 two ,17 three and so on.
This isn't a power that is supposed to be used at level 1.
I do not think that some powers are meant as instant. Regarding the explanation of how psi works something like instant spells aren't psossible.
Improving positional advantages is always better then just standing around and tanking, the 25% allow to get past a gap that is under suppression fire or dodge a trap ( i would allow an alertness roll in that case, to see if the psychic is gets aware of the attack fast enough).
The power isn't useless, it is just not meant to be used like a deflect spell.