While i definitely agree that it needed a duration nerf it is now almost pointless. Its a Frost Jolt that is much harder to find on items ( only one that i know about) with less damage that does one more encumber. This makes that item just inferior to say the 4x Frost Jolt staff since with the Freeze staff you got 2 very mediocre cards two okay cards and two great cards. Now you get 2 good cards 2 okay cards and two very mediocre cards. With the primary Frost Jolt staff you get 4 good cards and 2 okay cards. The difference between Freeze and Frost Jolt is now too small to defend the fact that it comes at a much higher price.
I think freeze is well worth the cost because it essentially totally immobilizes anything but an elf. And total immobilization is ZOUNDS better than mostly immobilization, partially because you can just freeze, throw a lava tile under and end someone. I run mostly humans because it makes encumber 2 annoying, but not crippling. Freeze is absolutely crippling to my team.