Currently, once you use it, you are unable to use most other clicky devices (including mounts) until the 8 hour recast time elapses.
Piestro, EverQuest Community Manager, commented on the issue on the SOE forums:
Update on this issue. The Escape device is fixed internally, however it will require server downtime to patch. As such it will be at the next regular patch time (tentatively scheduled for next week).