Just wanted to warn the community that this spell CAN fail in the same fashion as the Gate spell, whereby you immediately get a red text message saying that it "collapsed". Needless to say, when this happens, you don't get teleported anywhere, and the skill immediately begins recharging.
The incidence of this happening is very rare. I know some people who've been using this ability (infrequently, since it has a 1:12:00 recharge) for years, and never once had it fail on them. Still, if it does fail on you, it will really suck, especially if you were counting on it to work and didn't memorize any other escape spells.
Bottom line, don't rely on this skill and expect it to automatically save you in a crisis, because there's a small chance it might not.