As for the skills that are overpowered without CD, like Spirit Vessel, Archon, WoTB, etc, you could make them burn your resource pool when they are active, the teleport is no exception, you can teleport without CD, but eventually you would run out of mana, but, if you improve your resource pool, you could extend the time you are using these "overpowered" abilities.
Just imagine these abilities like a turn on/off switch.
From my cynical point of view, I think Blizzard discarded the idea of letting the users control this aspect of the gameplay because that would of gave them power over damage output that is not so intrinsically related to the items they carried, ergo, less profit coming from the AH since is not that important anymore.
This doesn't really explain Ice Nova, Diamond Skin, Mirror Image, Ignore Pain, Ground Stomp, Serenity, Slow Time, Preparation, Companion, Leap, Inner Sanctuary, Horrify, Spirit Walk, Hex, and Teleport.
Let's take your example and apply it to a damaging CD based skill, such as Seven Sided Strike. In order to allow the player to continually spam a 1777% damage skill, you'd have to make it cost about 100 Spirit, and if we allow the player to stack that (so they can have fun spamming it) we're at, I dunno... 1000 spirit. In the meantime, Wave of Light which does about 400% damage, only costs 75 spirit, so do we need to drastically increase that or should we allow the player to continually cast it in addition to SSS?
But that's not the point, the point is, why even bother with Wave of Light when you can get off a 1777% damage skill multiple times in succession? And when you think about it, it would take about 30 seconds (or likely more) to regen 1000 spirit, so now you start to see why they put CDs on certain skill to begin with, so that you can have big awesome skills while also keeping other skills worth using.
I think D3's combat design is a lot about giving the player a lot of tools to work with and avoiding the pit falls of combat becoming a one button affair.