As of Update 14, using this ability is no longer restricted by number of uses per rest. However, it is restricted by cooldown.
Pen and Paper comparison:
The special bonuses to dodge and reflex saves do not exist in the pen and paper version. They were added to the DDO version to add value to the feat because it would otherwise only affect things that do not exist in DDO.
For example: The Pen and paper version allows you to retain your dexterity bonus to AC (if any) when you are caught flat-footed or struck by an invisible attacker. However, "flat-footed" doesn't exist in DDO, and no one loses AC bonuses when struck by invisible attacks.