So I just got my second piece of Ship Honor guard equipment, giving me the Tactical Readiness Rapid Response power. not sure exactly what it's supposed to do, but what it does do, is allow me to spam my interceptors and Marauding Force from my Marauder. The only cooldown is the 4s delay that Marauding Force gets as it launches, then its ready to launch again... and again... and again...
Oh right, now I remember why xD The set gives 5% cooldown reduction for cloak and fighter launch. But as it is, the item reads: 5% cloak, 5% fighter, 5% cloak, 5% fighter, 5% cloak, 5% fighter.. like 7 times in a row
It looks like every action taken lowers the cooldowns by 5%. Every weapon fired. Every skill activated. Everything.
If tooltips are to be believed.
Also, if you have at least two of it equipped, check the Info page. It'll list what I wrote, the cooldown lowering is listed up like 7-8 times. If it indeed works like that, we have a reduction of 40-50% at least.