Neh, 1 1/2 seconds, it's not so bad. You're supposed to use that skill selectively anyway, not spam it on cooldown. If given a choice between that and a raw DPS boost, on a profession that tends to take a while to kill things and has a plethora of other active defense options, I'd gladly take the DPS. Since the update, it's already saved me a few times in tough fights to be able to end them a bit quicker.
Overall, the whole update just seems like it's changing things around, not necessarily nerfing or even buffing them. You have to adapt to it, but it's not like any of this stuff changes Mesmer's overall role or viability by much. Builds, sure, but it's probably good practice not to get too attached to any one build, anyway.