Saying you gain 0.5 seconds every rotation also assumes you have zero haste, which means you are practically naked. This talent becomes less and less useful the more haste you have, because you can't go under the 1 second gcd. With IC level gear you can EASILY gain 1100 haste rating (~33.55%) with spellstone, which sets your global cd to 1.12 seconds.
That means you should be able to spam cast CoA in ~0.75 second intervals, if the 0.5 second gcd reduction is applied before haste, and with other spells this is so.
I saved my combatlog and started spamming CoA using my whole mana pool, approximately 70 casts.
Without the talent: Average time between each SPELL_CAST_SUCCESS message was ~1.20 seconds. That's 0.08 seconds over the "expected". Basically this is the real latency for everything what happens between my fingers, keyboard and the WoW server (~80 ms). Edit: You actually can't queue spells until after the GCD so that's why your "minimum GCD" will be 1 second + your latency.
With the talent: ~1.08 seconds. That's the same delta value of 0.08 seconds over the 1 second hard-capped global cooldown. If the GCD could be reduced below 1 second, the expected value would've been 0.82 seconds.
Without talents - With talents = 1.20 sec -1.08 sec = 0.12 seconds, which in fact is the difference between my global cooldown and the hard capped global cooldown (1 second minimum gcd + 0.12 seconds = 1.12 seconds = my hasted gcd.)