The way it is, fearing whoever or whatever hits you next, blood fear really isn't going to fulfill the roll of a 'defensive' fear like Blizzard states. I would like to see it target-able... Something like a debuff you apply to the target, that will cause the target to be feared if they attack you. A shorter duration than 1 min, say 5 seconds or so, and this spell could be useful, and not overpowered.
Well at least there's a reduced health cost, gotta thank them for that! But yeah, fear is by far the worst type of CC to get melee off your back. It should be changed to horror, then the talent would actually be useful.