I'm very happy with this change. Warp Ring sounds great.

I'm trying to understand why people are dissatisfied.

I understand having to wait for 10 seconds for equipping may be inconvenient, but on the bright side it's great you don't have to worry about how many warp scrolls you have left in your inventory, or forgetting to restock at one point. That would happen, it's more likely to forget about it when you can buy multiple. And you don't have worry about carrying another Warp item in that kind of situation.

While Warp Cudgels may be devalued, price fluctuations happen to all items in a game with fully dynamic economy. I don't think people were getting particularly rich only by selling Warp Cudgels, and items which were far more valuable had been devalued before due to many other reasons. There will be other, new items that you can make money from too.

I think it's a great change! Let's be happier.