Hrathen is correct, it is a damage normalization ability.
Of note, a time this cool down shines is in turn 4 when tanking a knight/soldier pair.
Any time you are tanking multiple enemies awareness is very strong.
That said, it is an ability that can't do much to save you once things have gone poorly. Its not a sentinel, once you are in that last third of your hp, awareness isn't teh skill to look to. Its when you've just engaed a large group and looking to stay in that top third of your health then this skill is very potent.
