From my experience this item is pretty cool on Summoner's Rift. If you use this item you will probably get a kill or burn a flash, in exchange for a 2 minute cooldown.
However I feel as though this 2 min cooldown is completely balanced around SR, where 'catching someone out' or burning 1x Summoner Spell means a lot more than in Dominion, where Deaths are typically more frequent and forgivable.
I think the item itself would be good on Dominion, but the cooldown should be lower to meet Dominion Standards. Realistically this item can almost be like a MR version of Sweeper, and I think in this case, a little extra variety is a good thing.
On a similar note, I'd also argue for a tanky tenacity option like the Spirit of Ancient Golem on SR which gives HP, Armor and Tenacity (+ a bit of regen). As far as I understand, this particular item was made with the mindset that Tanks in the jungle would be able to choose different boots options other than Mercury Treads. Players would be able to pick Boots of Mobility/Tabi/Swiftness/Sorc, and still be able to get a viable Tenacity item later down the track. This is an option that should probably be given to Dominion Tank Players at some stage.