Its actually pretty terrible. Last time I tried it out on the closed beta it has a very long cast time and you can't move at all while casting it or it will interrupt and go on cooldown anyway. The cooldown is longish, I am not sure how long but would guess 2-5 minutes, and the daze is broken by damage. So yes, it is a no fail CC option, but it only lasts until someone hits it, and seriously, how long do you think that is going to take?
Now, I know of another ability that had that same long cast time that you could not move for and a dev said they would change it and allow movement (and maybe a shorter cast, I forget), so I would think that this one has changed as well and I have just not seen anything about it changing. Even so, how long do you think it will take for an overzealous melee to give your dazed mob a good whack?