I got to test the Piccolo of the Flaming Fire on the PTR and I think it is a really good addition to the toybox. During the channeling time your character bursts into dance. Even better, your character can move around while dancing, which I find to be really great.
However, the item incurs a 5 min cooldown on use, which I think should be lowered. After all, you could keep old effect upt for much longer. Even if the devs do not want a permanent upkeep on the effect, the item could still do with a CD of 1 or 2 mins, but even a permanent effect is not going to be a big issue.
The changes to Moroes' Famous Polish are quite the buzzkill. I think putting a cooldown longer than the effect's duration is absolutely not needed. The item was fine being used each time it became available, similarly to the Darkmoon Faire wings. Moreover, is this really a transformation item? The argument about consistency is also not that sound, because actual transformation toys are completely out of whack when it comes to their duration and recharge time.