I have gone through most of the game and have never seen a need for Telekinesis. I'd like to use it to open a door when you can see the lever on the other side of the door, but it wont work through the door. (if I am in error please let me know how that works)
In Morrowind it was good for stealing stuf from a distance. Have not found a need in Oblivion to use that skill.
I've used it to grab some welkynd stones that were too high to reach so it's kinda useful. On the other hand... about 10 minutes later I found a door that lead to the place where the stones were at. So maybe it is useless.