"Teleports the caster 20 yards forward, unless something is in the way. Also frees the caster from stuns and bonds." Arcane also get "Increases your speed by 35% for 3 sec after casting the Blink spell."
Not sure the last time you used it was, but unless you choose to go exactly 20 yards in the direction you happen to be facing, then that's not exactly a choice. It's also a 15 second CD. I agree that 3 mins is a long CD, but the spell itself is better than blink. I've seen many mages blink into more trouble than they were getting away from.