If you cancel targeting a talent gained from an item (such as Invoke Darkness from Umbral Razor), the item does not lose any power and you can re-use it instantly.
However, if you cancel targeting an item that you are using via Swift Hands, the talent goes on cooldown.
[1.7.4] Swift Hands targeting cancel
Moderator: Moderator
[1.7.4] Swift Hands targeting cancel
Breaking Projection since 1.5