The movement speed is increased, you can test this by racing someone from point to point while they run normally and you use fists of wind. However you're only able to tell over a longer distance. I do wish it was a bit faster though.

And yes, from my experience unlike what the tool tip suggests, fists of wind doesn't seem to lower the GCD. If they fix this however, who knows maybe I'll be in fists of wind instead of fire for DPS.