The only use it has really is pvp for the bind effect, in which case it should be a pvp only skill.
I think they should change it to add a shiva puddle ground aoe (kinda like shadowflare) with a dot/slow/heavy/maybe something like paralysis effect etc. Just something so it's not a complete waste of hotbar space in pve.
While I'm moaning about Freeze might as well add a plea to unnerf Flare/Foul, we were supposed to be the aoe damage class, why did we get nerfed the same as Holy (a healer skill)?