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Also reduces the amount of time spent positioning or sapping before pickpocketing or whatever. Time saved > all if you're going to succeed in killing the enemy anyway, or succeed in whatever it is you're doing that requires skill sneaking around.
That said, it takes about 5 seconds to position and use my distract skill, get up behind the target and hit sap/pickpocket/whatever, by the time I get up to the target my energy from using Distract has already been replenished.
The five points placed in MoD would be better placed in a talent that helps me kill my target that much faster (often more so). And the only time sneaking around is a must is while killing <Insert name here> behind enemy lines, or when getting your worg puppy solo in BRD (Pulled that off at 61) both of which has been incredibly simple even without MoD (as well as distract).
Truthfully, back when I was but a wee rogue (and still learning about the game), the points I put into my talents after sinister strike was full MoD and went back to work on the combat tree, it was okay, but later on I respecced (lvl 25 or so) to full combat and was much, much happier with my overall game-play.
I will agree that it shows its real use during PvP (as sub was THE PvP spec once upon a time) but elsewhere it's just something to make wandering around in stealth a little less tedious for the sneaky rogue.
Another thing to the OP, as you get more and more used to sneaking around, the Master of Deception talent will more or less become a skill you get through experience than a rung on the talent tree, it'll get easier and more tools will reveal themselves to you along the way (Namely Distract).