The point of religion, at least for me, is the rather powerful benefits I get from my religion: +8 food in every city that has a Holy Site, along with other benefits that vary depending on how quickly I can get my Apostles up.
In order to secure a religion and get the best beliefs before they are snapped up by the AI, you have to make some sacrifices in the early game. The two ways to guarantee a religion are:
1) Build Warrior > Builder > Builder > Stonehenge, with your builders chopping (or in the case of China, using charges) to boost the Stonehenge along.
* The Pros: Guaranteed to get the first Great Prophet; Stonehenge gives faith with which to get your Pantheon - if you don't already have one; You are very likely to get your religion before the AI gets the second Great Prophet; Top choice of religious beliefs.
* The Cons: Loss of a tile (Stonehenge); Possible loss of top Pantheon choices; delayed production of military units and Settlers.
2) Warrior, Builder, Holy Site, Shrine, Prayer project.
* The Pros: Better chance of securing a good Pantheon before the AI snaps them up; Better faith production with adjacency bonuses;
* The Cons: AI will most likely build Stonehenge before you get your Great Prophet, leading to a longer race for your Great Prophet: Intense competition from the AI, whom seems to also use Prayer project; Possible loss of best Beliefs, as they may be chosen by whichever AI builds the Stonehenge.
Hopefully religion will get some more attention in future patches or expansions, including uses for Great Prophet Points past the founding of a religion. For now though, Religion primarily acts as a victory condition as well as a potential source of very strong economic and military boosts.
Only Divine Spark pantheon is amazing. Like, OP amazing. All other pantheon beliefs are a bit lame
The worth of one's Pantheon is usually dependent upon the map. In my latest game it seems that every city I have has two or more pastures within the first two rings. God of the Open Skies is basically providing the equivalent of a monument in each city.
Not mind-blowing, but far from lame.