It lasts 60 seconds by my estimation.
It's definitely true, the big question now is whether the buff strengthens with added skill points. As is it adds about 1 M/s for 60 sec, so you get about 60 extra mana points back over time from the buff, but it costs 70 to use at one skill point. At 5 skill points, Rez only costs 30 mana so you do get a net gain over time, but not a huge one. However, if the buff adds more regen with more skill points, it could be a powerful tool, particularly for Str and Dex enchantresses.
It's also worth noting this is a party buff not just a self buff, so you are giving additional mana regen to your bear and bird teammates as well that can be very useful in intense battles.
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