There are four main things which contribute to your chances of avoiding being hit: AC, Dodge, concealment, and Incorporealty.
Displacement is a 50% concealment bonus which is the highest available in DDO. Apart from the Greater Shadow Dragonmark, Displacement is available as a regular arcane spell, by using a scroll via
UMD, and certain clickies. The main drawback to the Shadow DM is the cost: one regular feat slot plus 12 APs can be a lot, depending on how feat-constrained or AP-starved your build is. Also most people see elves as a less than optimal race. So: there are opportunity costs associated with taking Gtr Shadow DM.