From the official Priest forums, CM Drysc says:
Fear Ward will be available to all priests at level 20, but there are some changes in addition. Current plans are to reduce duration to 3 minutes, and increase the cooldown to 3 minutes.
To give the dwarves and draenei something else to even it out, they’ll see a new ability called Chastise (also given at level 20) which will cause holy damage and incapacitate the target for 2 seconds.
I was hoping for something that could be used in shadowform. Oh well. Sounds interesting for PvP at least.