[Previous Build]: "There is a favor item that reduces cooldown on all items and abilities to 0 when used. This could be quite useful, if the cast was not so long.
Please lower the cast time on this item to instant or near-instant if you want it to be a viable alternative to other favor items. Raise the item cooldown if necessary to balance this out - right now it just doesn't have tactical applications
Thanks, Kestrel"
1/27/09 Edit: So Staff of Renewal has subsequently been tweaked to be instant-cast with a 40 second cooldown. As we have discovered, that creates imbalances that break the gameplay.
Rook can bring 5k damage (including two stuns) in 5 seconds with this item. Regulus can bring 2k + damage across the map within the same amount of time. Two level 15 Regs with this item can kill almost any visible DG without exposure.
So the item went from being fairly useless to being kinda impossible to win against unless you also have it. It's the 1B UB of 2C 
Tweaking cooldown doesn't do anything, in this case, because if you make the cooldown 120 seconds, as Sevenix pointed out on IRC, you still get a free kill every 2 minutes.
Wagnard came up with the idea that the item could cut cooldowns in half when triggered. So if triggered instantly on a 10 second cooldown the ability would be available in 5 seconds. I think this is more manageable, and would be worth using in your favor slot without being OP.
I'd also be comfortable if it were passive, like a miniature personal celerity flag that reduces your cooldowns by 20%
In any case, this is probably something we need in Beta 2D, if the devs want us to play with favor items enabled.
Thoughts?