Uhh, well, there may be no temples, but there are many things that make the Council useful. For one, it allows you to have better relations with your neighbors, by making it look as if you have no heathen religion. That makes it more likely they will give you open boarders, from which you can attack them without warning! The sneak attack is devistating, allowing you to take every major city in your opponent's empire in a single turn.
Though you don't have to follow the religion to benifit, the Undercouncil is the source of unspeakable power in the form of the Slave Trade, and the Smuggler's Ports are nice sources of additional income. Shadows are also only allowed by knowledge of this religion, which are very powerful.
Shadowriders are somewhat lackluster unless you have some extra Shadow mana to spare, but Gibbon is a powerful caster that can take control of another Civ for a few turns (limited, but it can be used to set up even a more powerful opponent for an easy invasion).
Overall, not the strongest of religions, but far from the weakest. Used intelligently, you can do major damage to your opponents without war being declared, and, by the time war is upon you, you will only have an easy mop up, and ready to begin the process again with another 'friend'.