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The long recharge time relative to duration limits the use of this spell as a PvE running skill. One can use Glyph of Renewal, Echo, or Arcane Echo to get around this. With high Water Magic and an enchantment mod on a weapon, Serpent's Quickness can recharge Armor of Mist quickly enough to keep it up permanently as well.
This skill can make an excellent stealth runner in PvP, especially GvG, where it is often important to fetch the flag in the middle of battle.