I like this set. I do not even find it useless from the historically accurate point of view. Is it unlikely that there are small stationary catapults like that are positioned somewhere at strategically important places like bridges, fords or mountain passes?
It's also very useful for parts. You can't have too many light grey arches and 75° slopes. Green plates are also always welcome.
I too think the fig does look more dragonnightish than lionish. It's lacking anything blue to it but the mixture of red and blue has always been the characteristic colour scheme for Lion knights. On the other hand red arms on chain mail torsos have been used in the classic Black Dragon sets from 1988 and 1990.
Well, they (TLC) wanted to bring variety into the range of Lion minifigs so they tried it with red arms this time.
Overall 1480 is a good set.