As far as I know, there's no case where you would use "it is of great use of", because you are saying "of" twice, UNLESS it is not being used to start a sentence. " To rephrase Example 1: "its quality standard is of a satisfactory level" becomes "the level of its quality standard is satisfactory". As you might be able to tell, before you rearrange the words, the phrase 'rolls off the tongue' a little better, and it makes a little more sense (when you rearrange the words, the sentence becomes a little 'clunky').
New words, one handy idiom, and a 2-minute quiz — delivered to your inbox to keep your streak alive.