As I understand it, If you aren't a ranger it's pretty much worthless.
You can only ever attack with one of your two weapons
If you have the first feat you get +1 damage
If you have the 2nd feat you get +1 AC and Reflex
Right, I agree with Greylurker, it's generally worthless. You can already wield two different weapons and attack with whichever you choose each round, this feat simply provides +1 damage when you're doing so. But if you're willing to tie up both hands, why not just go with a two-handed weapon to get the extra damage and save yourself a feat?
It only becomes debatably worth it for non-rangers if you're taking the two-weapon defense feat, or if you're a fighter who wants to keep two different weapon types handy for specific powers that key off weapon type.
House Rule: Two Weapon Fighting + Two Weapon Defense + Warrior Of The Wild = "Two Weapon Fighting Style" for the purposes of multiclassing Ranger powers.
Agreed that it kinda sucks as is right now, but picking up some Ranger might help.
Different Idea: since Two Weapon Defense adds a +1 SHIELD bonus to AC, count the off-hand weapon as a shield for the purposes of taking Fighter exploits, if you're a fighter.
If you're a fighter and don't want to waste your multiclassing feat in Ranger, take the Ranger class, call him a fighter, and take whichever multiclassing feat (such as Arcane Initiate or Initiate Of The Faith) you prefer to dabble in.