As hellsharpt said, it just idiotically sits there and gets pwned by monsters...Until you res...you can't even unsummon it...
If you are to get a wolf, that depends...wolf are pretty expensive for even lvl 25 to 30's, bout 1M gold for a brand new one...and usually it doesn't go any lower..Th wolf levels up pretty fast compared to ya, and it is a blessing if you have a wolf your lvl and you are pure str

coz wolfs are pure str

...they have mag defence but not attack...but they do quite some phy damage

...it ain't a good idea to take a wolf to an area with agressive mobs way higher, coz if they die, it's 50k to revive them...
Later edit : wolfs have HP pots, you can use camel pots for them so just ignore my stupidity

.
So my oppinion, unless you're at least lvl 25 and str blader...get a SOS weapon
Oh, one more utility for wolf : when you are on a horse in a low lvl area and get attacked by a yeoha (let's say), wolf can take care of it and you dont have to dismount or run...so it really gets low lvl annoyng mobs off yer back...you do one thing, wolf can do another...