No Dimishing Returns.
That's very well balanced and entirely in-line in power and scope of effect to other effects such as:
- Astral Communion (used out of combat as is) can be used while moving.
- Increases the damage of Lava Lash by 40% with Frostbrand Weapon (basically lets Frostbrand replace Flametongue at a DPS LOSS).
- Your Twilight Ward absorbs damage from all magic schools (on the GCD and absorbs very little).
- Your Touch of Death can be used on players who are under 10% health (and would likely die from ANYTHING you spent 3 Chi on).
- Reduces the cooldown of your Charka by 25sec (when you aren't likely to stance switch often anyway).
Yes, I find having an AOE CC with no cooldown and no DRs to be an entirely reasonable contribution to PVP balance, especially compared to the extensive usefulness of other set bonuses.