It's a step in the right direction but it could be WAY better.
Leave the old graphic of the cooldown but change the borders instead of the whole thing. Use a spark to denote something off cooldown.
I'm sure I'll get flamed to hell for this but WoW got the cooldowns right and Mod Authors had it right WAY before Blizzard ever did. It's such a simple thing, how can you guys mess it up the way you did.
Please look at their example and be inspired.