It still throws out crazy damage, still can be used to open, and curse/track the wicked are amazing side effects. It seems like a 2 round skill to me.

I don't think the changes you're describing are necessary, and I think that maybe they'd even return wrath to being overpowered, especially because it would make it BETTER than it currently is for paladins who are only using it to get the curse affect applied.

From what I saw with Borlan, shield paladins are very viable still, they're just super defensive... so yes, less popular in a meta that favors burst damage/kill sealing, but not underpowered.