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Yes, it is single-use. It has the ability to conjure a dremora valynaz. I'm not sure about the difference between a dremora lord and a dremora valynaz, but I can assure you they are both pretty powerful.
You might want to be aware of a certain bug regarding the Sanguine Rose, which renders it unable to use. (The cause of the bug is unknown, well to myself, you can ask others though)
The weapon itself is worth keeping, in my honest opinion.
Sanguine Rose is very good for situations where you're not sure how many enemies are ahead in the next room. He'll also kill or at least damage higher level mage enemies. You can point the rose on the ground in the next room and once summoned he will kick off enabling you to assess the situation in the safety of the next room. As others have mentioned, he's pretty tough as well.
Definitely worth keeping. I seldom conjure any of the other dremora / atronachs but I do this guy.
How does it recharge? Was a bit sceptical of using it thinking its a one use item (basically an expensive potion) but it can be used multiple times people are saying?
It's re-charged with filled soul gems. If you use the rose sparingly and only for sticky situations that merit its use, it doesn't need re-charging frequently.
It can be used repeatedly. Multiple uses from it's first charge. It then only takes a filled soul gem to recharge it. It's particularly useful as a tank of you're a destruction Mage or archer. Simply use the dremora as a distraction whilst you fire arrows or spells from a distance. He also has brilliant dialogue when he's killing enemies. I won't ruin it for you.
He has saved my ass many a time.
You don't seem to be able to summon more than one, if that's what the OP is asking, but i've summoned him a few times during the same tough dungeon. An extra tank in your party, what's not to like!
Definitely dont get rid of it!!! Its only a staff so it doesnt weigh much but in a pinch it could save ur life. Next time you get into a big battle just pull it out and summon him just to try it out. Youll see why this item is a lifesaver.
I have been known to carry this and a bow only it is that good. Just be sure you keep a pocket full of soul gems to recharge it!
By the way, don't try to attack him once you have summoned him (thinking you could get a daedra heart and some really awesome armor all in one blow). He doesn't like it when you do that, trust me.