If I remember correctly, it only does this for spells that already have a potential to affect multiple people, so...
It's still lovely, its just not too action economy-breaking.
I do have to say... that one Teamwork Benefit that gives half your Favored Enemy bonus to your team-mates can be extremely potent, especially if you have Wise to Your Ways (free boost to saves? HELL YEAH!) and that one ACF from Dragon that replaces your Animal Companion with a bonus to hit equal to your Favored Enemy bonus... (basically, it is a very potent, but limited in scope, buff to the entire party. I daresay there are some fun things that homebrew can add to this... and isn't there a feat that increases your bonus?)