Does it seem to anyone else that a majority of the companions you get are good for one or two level, because they are more powerful than your other companions, but after that, because they get no promotions or epics, that they become basically useless?

Thanks goodness they changed the way companions enter the fight. It was such a pain to enter a fight with a companion you left undeveloped because you would rather spend your companion training tomes on better companions. You might as well just give up at that point and try it again. Now, however, they can go out and get you gold, or nautical experience, or even better themselves while you work with your really good companions.

It was especially hard on Privateers who got a slew of companions and had to keep them trained lest they make your life miserable in battle.

Can't we try to even out the companions abilities so they are become more attractive?

Two words. Cannon fodder.

Different people have different playing styles. A companion I might think is useless (I'm looking at you, just about anyone from Cool Ranch) may be well suited to another pirate's style or preferences. I expect a lot of folks use El Toro, but some people may not like him, or find his epics particularly useful. I'm a run-up-and-smack things kind of player; my husband tends to hold back more. Toro sometimes annoys me because he gets in my way (but I love him anyway). I don't like the (to me) weaker witchdoctor companions because they're so fragile and seem to be a target for everyone and his dog, and they're either just out of range to attack or so close that everyone and his dog get to attack them first. Someone who doesn't like to get stuck in might love 'em.