It is situational yes but it does have its uses since the buff. I use it in T8 during dreads to push out some more heals. Cast stoneskin right before it spawns then regen and pop Presence of Mind during the GCD.

I also use it whenever I have time to DPS to push more DPS out.

Really it doesn't need another change to it. Before the cooldown was far to long but now at 2.5 mins it is useful and the cool down is short enough. If they were to reduce the cooldown longer I wouldn't complain but it works for what it is now.