I think Intercept is one of the best team skills I have ever seen. In plenty of battles over the years I have seen one PC targeted with high damage opener attacks, just so a low damage carrier could land after the armor was breached. Undead battles, in particular come to mind, with Ancient Mariners opening with elemental ice damage to break armor, then allowing a ghoul to sneak in with a 2 drain or a wight to hit with a 3 wither limb. As long as there is good communication, Intercept allows a nearby fighter to absorb those blows on their armor, keeping both fighters in the thick of things.
Heck, if I read the rule right, an archer could be standing behind a shield wall and use intercept to absorb damage for a front line fighter (the target that was hit needs to be within weapon range of the person using intercept, not the individual that struck the blow). That is a wonderful way to share damage for a minimal cost. This is also an ideal way to protect the weapons of allies who don't have unshatterable weapons. One person with an unshatterable weapon can basically use Intercept to protect the weapons of all nearby allies.
And then there are racial defenses. Did an ally get hit with a spellstrike confine? Intercept + Resist Binding to the rescue. Parry + Resist Binding also would have worked, but at a higher cost, with part of the effect of Parry going to waste.
I see good teams relying on Intercept to spread the damage load, reduce the need for healing (if all damage lands on armor, it can easily be refit), and mitigate effects. It also works EXCELLENTLY to protect a friend that just used Resolute (huh, look at that?) until they can get healing or get to safety. I will admit it isn't a remarkable solo skill (neither is Resolute), but in team play, it may very well be overpowered given how easy it is to get and how low the cost is.
-MS