The skill does have a cooldown of a longer period then most skills.
The difference between "Whipping" and Light Feet, is that the former lasts for a long time, far exceeding the cooldown of the skill.
The only time whipping poses a problem (mainly priests and mages) is when you use whipping, get iced, cure/get cured, and have to wait for its long cooldown to be able to reuse it.
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