O&R do effectively count as getting a free move action each turn which isn't terrible. Combine it with Elven boots is always nice. The low stats are definitely a damper but saving actions standing up heroes could be a game changer in some quests. I don't think he's stellar but he's at least better than the original incarnation.
Do remember while Nanok cannot where light/heavy stuff he can still wear cloaks. So act I he can pick up a white wolf cloak for an extra brown dice. Act II he can change it for a cloak of deception if he's lucky enough to find it. Black and Gray dice together + any warrior abilities. Might be good to go for knight with him for those shield bonuses.
Also as for the feat you can use it quite effectively with Widow Tara or Tethrys. They spend their feat, hit multiple targets one of which is a big guy standing next to Nanok. Nanok grants two attacks and you've cleared a big chunk of guys.
Edited by Davachido