It is situational, but sometimes a good idea. I used Oracle for Theology in a Monarch game last night without really trying all that hard. I decided I needed more religions, got beat to CoL, made sure it didn't happen with Theology.
The fact that it's "easy" to lightbulb Theology doesn't seem like the end of the discussion. If you use Oracle you can lightbulb something else. I think the thing about using Oracle for Theology is that you don't see a big payoff for quite a while (aside from founding a new religion.) But in the long run I don't think it's a bad idea for the huge leg up it gives you on the bottom half of the tech tree.
The fact that it's "easy" to lightbulb Theology doesn't seem like the end of the discussion. If you use Oracle you can lightbulb something else. I think the thing about using Oracle for Theology is that you don't see a big payoff for quite a while (aside from founding a new religion.) But in the long run I don't think it's a bad idea for the huge leg up it gives you on the bottom half of the tech tree.