Sure, it is good and appears a necessary combo with Arwen Undómiel, Erestor, etc., but... In practical play, I see that I think it costy in quest first rounds - where it surely is at its most potent and necessary - and not so essential in the last rounds with a functionning board state. Am I the only one to feel that way ?

It's a big deal in some Three Hunters decks that rely on cards like Elven-light for card draw, e.g. with Arwen, Eowyn, or Legolas. With the contract, it comes into play first turn for 1, in which case it's a bargain. —
Erestor Three Hunter decks can be very good, so this card is a must for those decks that have spirit access. —

I believe that this card is sorely underappreciated. I would even say that I prefer it over Feint. Feint provides a single defense for one resource. While this is a great trade, a well-rounded deck must have another way of defending enemies. 3 Feint will not support a player's defense for an entire game. Thus, most decks choose to run a defender. In any deck which uses a good defender, such as Beregond or Dáin Ironfoot,Outmatched is far superior, as it can provide unlimited defenses. This allows you to ignore the attached enemy, saving the need for attackers. Let's say you are playing solo and are engaged with an enemy. Thus, you do not commit your defender to the quest. Typically, you would have to leave another character ready to defend, in case another enemy is revealed that turn. Because you have bought Outmatched, you don't need an additional defender. However, the same is true of Feint. Where Outmatched really shines is in the early game, before you have enough to kill enemies. You can safely leave both enemies engaged with you while only needing one defender. Admittedly, in contrast to Feint, you still have to deal with shadow effects. However, Feint only works for a single turn. Outmatched allow you to ignore the need to attack enemies is far superior. Both cards have their place. Feint can handle enemies who cannot have attachments. Simply put, Outmatched is a far more fun card, which can outperform a Core set staple. Not to mention the fact that it fits in with Damrod and the Dunedain. Overall, this card breathes new life into defense. Give it a try!

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Inspired me to make a deck built around this card: https://ringsdb.com/decklist/view/31192/trapsandmaps-1.0 —
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I definitely appreciate the new perspective on this card. You pointed out some math around it that I definitely didn't consider in the past. However, I think it is still tricky to use because certain enemies have forced effects or certain scenarios have bad enough shadow effects that I wouldn't feel super comfortable treating this as effectively a 1-cost Forest Snare as you suggest. —
While that is true, if you are using Beregond as I suggest each of his versions have shadow cancelation in their sphere: Hasty stroke and Sterner than steel. —

Because this card has no reviews, I thought I would point out something cool about mono-sphere decks here. Each sphere has three cards that specifically benefit mono-sphere decks. Each sphere has a 3 cost event that needs to be purchased by three different heroes (ex. Thicket of Spears), each sphere has a 2 cost event that requires only heroes of the card's sphere (ex. Advance Warning), and most interestingly, each sphere has a card that benefits from a mono-sphere deck. Rather nicely, these final four cards belong to each of the main card types, hero, ally, attachment, and event. I thought I should point this out.

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Treebeard is too strong as others have already said. One unique thing about him is he actually has better stats than his hero version. The only other allies which can make that same claim are Gandalf, Gandalf, and Saruman. All of these allies can remove themselves. Thus, Treebeard is the only permanent one.

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If his name was anything but Wilyador then I’d use him. His stats are great, his recurring cost is fair and he has Ranged/Sentinel too. Keep him around until he is no longer needed/wanted.

Not being able to use him in Journey to Rhosgobel is SO annoying (since that is where he would shine without compare) that I just don’t want to rely on him at all.

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Wilyador is absolutely necessary with Hero Gwaihir, and a huge help first turn with Radagast if his Raven doesn't show up. Also excellent to power-up Eages of the Misty Mountains. And that's not to mention that he's splashable in literally any deck except Three Hunters and The Last Alliance (unless Eagle is one of the traits). —