Unless I am mistaken (and I really hope I am on this, or that it receives an FAQ/errata), but isn't the only effect of this card to put you in the way of an attack, like any "Hero Interrupt (defense)", while doing literally nothing else?
The text of the event specifies timing, so you can use it for any enemy attack (as opposed to some Defenses), but for all other intents and purposes, it only puts you in front of an attack, and nothing else. It doesn't say to make a basic defend without Exhausting, which I believe is the true intent of this card.
Take for example, the simulatenously released Cuts Both Ways, which for 1ER does exactly the same effect (defending), on the same trigger, with the upside of getting a point of Retaliate. And it's cheaper.
Someone sanity check me, please.