Patch Available - KMST 1.2.409

where does it say 45 seconds?
and there's plenty of things that can be, it could still have a damage increase effect, or allow extra skills to be used, maybe even change the properties of already existing skills (last one would be cool, but doubt nexon would actually do it.)

Pirate's Revenge is a CURRENT skill, and the patch notes don't mention anything about it changing other than the fact that makes you transform.

Currently, it's a passive buff with a 40% chance to increase your damage by 15% every time you get hit by a monster. It lasts 45 seconds, and has a 50 second cooldown.
I was assuming that it's effects would stay the same, and your character would just be transformed whenever it's active.