I haven't seen many people take Bear Form immediately or a few levels after that and from what I hear, it doesn't really help much. But they do often take it before putting points into stats.
Best to get one level of Bear Form after maxing Wild (assuming you max Wild after maxing Natural Attunement and Summon Beardulon), then go stats until Lv 23, maxing it afterwards.
It can save you in some situiations, and gives you another tank if you're Kongar'ing.
Bear form has an ever-so-slightly smaller Base Attack Cooldown, meaning that if you're attacking rax, your attack speed max is like 5% faster. Also, hypothetically, if you barely escape a gank with like 12 hit points, and are on your way back to fountain, and thunderbringer is about to respawn, that extra health could be the difference between life and horrible, horrible death.