PanzerII I find is very useful, especially against soviets that rely on call in armour or US players that go for the AA HT/Ambo.
Hell even if they rush out a Sherman your PanzerII/obers would have done enough damage by then to make it worth it.
Go start up a comp stomp. Build a Fast T70 and micro it. Do the same with a P2 see which one you like better.
IMHO it should more or less be a mirror unit and it would be something OKW badly needs (Armored AI HT has no armor)
Even though the price is similar and the roles are similar I find it much inferior to the T70 in every conceivable way. Sure I can use UP units and have them come in handy but that doesnt make it any less UP.