The range limitation is what balances it and also what makes it interesting. +25% resist and dodge is a huge bonus for three party members for only 5 points. No other abilities would come even close to that effect if you didn't even have to care about positioning. That was the problem with leadership before: it was a no brainer.
5m is a little short, though. 7-8m would feel better, where you can be just out of AOE range for several skills. Maybe even something like you get half the effect at up to 15m range, but I'm not sure that's even necessary.
I also think it would be more fun if it had some offensive quality too, and would make its effect feel even more active and tactical, rather than a passive defense. Maybe +4% dodge, all resists, and damage per point? Might be pushing it with the range buff, though.
