[Trexmaster]

I support adding a cooldown to how often Miragewalk is allowed to activate given how trivial it is to reapply.

Especially since as mentioned, offensive skills proc the effect too, so it's not as if you're dedicating the momentum to applying Miragewalk. It's an added benefit on top of what you'd already want to be doing in a fight, so it's effectively a free bonus.

The OP already elaborated succinctly about it, though.

Trading either a niche counter (cinderwalk) or a minor bonus (20 HP/FP) for 25 Evade is more than a good trade for builds that make use of Evade. Given that's 12.5 CEL worth of Evade for 2 VIT worth of HP and 4 WIL worth of FP. Granted it isn't permanent, it's more often than not effectively permanent given you're forcing your opponent to go through it for the majority of their hits in most cases.