Xelgad has responded to a detailed thread on Illusionist Class Issues:

Hey guys, long time no see! We got some good feedback at Fan Faire which I wanted to share.
I agree that Time Warp ended up being more annoying than it is fun or rewarding. Unfortunately, it was one of those things that looked okay on paper but didn’t work in practice. We have it changed internally so that there is no longer an immunity timer associated with the spell, and it now grants the Illusionist the buff as well as the target. This should be coming to the test servers with (or before) GU58. If you want, you can just macro the spell to a group member and spam it as a self-buff, but I envision some players being more tactical with it. You can even spam it on yourself, but you don’t get double benefit – unless, of course, you cast it on your pet. We also changed the icon so that the warning icon looks different than the actual buff, and the buff now looks like the Tsunami (Monk ability) icon, so that it shouldn’t be shared with any other mage abilities.

Some of your other issues, such as buffs providing no benefit due to being capped, will be addressed with the upcoming expansion. There are some other changes that we hope to make before the expansion, but I can’t promise anything yet.

Please feel free to continue to post constructive feedback.