Its at 2 sec cooldown now. Although I have had mixed success with it.
Not really that great for PvP but you can build up more adren than you can use pretty fast. The problem is, that your giving up your elite, so pretty much its limited to sword builds.
Farming is a different story, although I haven't tried it with the new cool down. But you can spam riposte and bonetti's so quickly, its scary. But maybe Glad's defence is still better. Single targets are obviously better.
And its Parry