It used to make the cooldown 30 seconds when you're in Ghost Wolf, now it's a bit over a minute.
If a cooldown is reduced by 100%, the cooldown becomes 0. If the cooldown recovery rate is increased by 100%, the cooldown becomes half of what it originally was.
I have Spiritual Journey. Currently on live, if you pop wolves and then immediately go into Spirit Wolf and sit there you will have access to it again after 68 seconds. I think the CDR is dynamic and slows down the closer you get to 0.
Even so, it is surprising how often you can game it if you're waiting on RP or for the tank to suss out the next pull.