I've really come around on this guy, and he's steadily become a go-to in my tactics decks even if I'm not running eagles. Asfaloth is regarded as the king of location control and for good reason, and I would argue that Meneldor comes pretty close, especially in dedicated eagle decks, or in lower player counts where you might not need Asfaloth's 2 progress every turn.
Obviously he is most powerful in a dedicated eagle deck where he can soar in and out, slapping 4 progress as he goes - a key threshold for many locations in the game. Gwaihir can draw and play him for free for a turn. Flight of the Eagles in this AP can give you a beneficial encounter card along with the progress. Obviously I would be remiss not to mention Radagast's Staff that can give you this guy's impressive stats for just 1.
Outside of a standard eagle deck, he's a fantastic questing ally in Tactics, as others have said, and you could include him just for that. Outside of sphere, if Sneak Attack Gandalf feels too broken, this is a great alternative.