1) off the global cooldown, 1.5s cooldown
2) lasts until cancelled
3) checks los and range, but NOT pathing
I'm not sure if #3 is true for trap launcher but anytime I've tried totemic projection for PvP (battlegrounds) I can rarely even use it because there "no path found" as if your totems have to charge over like a warrior. This is after you have to spend a global waiting after dropping your totem before you can click projection then begin attempting to find a piece of ground that the spell will accept.
Clunky clunky clunky. That seems to be the way of it for Shaman though.