The point of having this effect as a clicky is so that you can have your pet around in raids and such, but if you need to get off a charm in an emergency you still can quickly. If you haste your pet and give him a rusty weapon he actually has quite impressive DPS, and occasionally he can taunt a mob off of you. I use the level 49 pet at the moment.
Level 53 Illusionist
Sayre, Al'Kabor