Uh, yeah... Looks like we have a WoW convert, huh? Not that they're all like that... (Says the guy who sunk 3 years into that game, haha)
It seems that SE has not yet balanced Binds, and they are not lasting as long as intended. As of right now, there is no purpose to having Shadowbind, as the normal bind shot works exactly as well (read: not at all). Even having the AP to place it, I still don't have it on my bar, out of pure indignance.
But keep an eye out on this skill at launch, I am sure it will be crucial for kiting or hate control.
- FFXIV Free Company