Summoning Magic Skill does the following:
1) Extra MP from elemental siphon.
2) Extra ACC/mACC on Blood Pact: Rage for skill above cap.
3) Extra duration on Blood Pact: Ward buffs for skill above cap.
4) Lower recast delay from elemental spirits.
I used this 35+ before Elemental Siphon came out. If you stay at capped skill its always good for a few extra seconds of Bloodpact: Ward. Only get it once you start capping skill for your level or 50+.
Among all the other things listed, and while this may be easier to farm for than to go through the motions of getting other SMN skill pieces, it's not nessesary to hit the 318 SMN skill to get the most out of avatar's favor. It does however, free a slot for Avatar Perpetuation Cost so said avatar can stay out for longer for their relevant Favor.
While it's nice to have, and there's currently no other +skill piece for that slot, the money could be spent elsewhere.
original comment: near worthless lowlevel, its better used 71+ in a +30 or +60 skill build.
i still stand by what i say. at the level you can use it it is the only piece of gear in the game with summoning skill on it, the difference it would make is so minuscule at that level, it doesn't warrant the price. 50+ it gets some use, but 300k+ for +3 mp in siphon still doesn't warrant price much, and even with full austere/penance, which for some reason smn still don't use pre70, its again largely irrelevant to get until 71+.
Roux
Summoning magic only increases acc if it's over the cap, and that's impossible at low levels (because there are not equipment for it) so, as Frodnonnag said, it is worthless.
You should only buy this after lvl 50+ when you get Elemental Siphon.