Not sure how long the incorp lasts, but Misty Step is an "abundant step" (= fast leap) ability, not a blink (=combat teleport). I don't think there even is a blink in DDO, they are all fast leaps forward including Shadar-Kai's Shadow Jaunt. This means you can be hit if you Misty Step past (or through, or above) mobs. A real blink is something I've long wished be added to casters. The real PnP 3.5 Dimension Door was actually a targeted short-range teleport: https://www.d20srd.org/srd/spells/dimensionDoor.htm and incidentally the spell "Blink" was a random incorp buff instead. WoW popularized Blink as the name of a teleport :-)