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To be honest i really like mercy stroke and once you gauge the teams dps and your dps, you can get regular heals in dungeons. If you have a high dps its even easier to land.
The new recast time is going to be great in dungeons.
I have Holmgang 2nd in the macro with a /recast to save space on my hotbar.
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I think its ok..for pvp. Berserk > Holmgang > Stun > Mercy Stroke. I dont think its supposed to be very important to us anyway, just a sort of fun 'lets see if i can pull this off' thing in speedruns. And a levelling thing, in which case the decreased cooldown makes sense.