Incinerate Bioshock Guide
Incinerate is definitely one of the weaker plasmids that only really excels in lower difficulties and against splicers.
It does stackable fire damage over time, but has a hefty eve cost and IMO is not generally worth running.
Fire is not the best and there are better ways of accomplishing things than with DoT damage.
If the damage could be scaled to meaningful values this would be a different story, but I would say this isn't generally worth using.