Grotesco I think Adrenaline is a perfect example of a skill that is too strong and we've considered banning it in our campaigns along with other problem spells - EXCEPT THAT we really like the strategic element of adrenaline. Choosing when to use it can be tricky at times. As odd as it may seem coming from me (if you know my post history) I actually don't think the correct answer is to ALWAYS nerf things that are too strong. Anyways, for what its worth I think your assessment of adrenaline is correct. I've used it in every single build I have ever made because the versatility of moving AP round is very strong in this game, (and rogue levels never go to waste). Honorable mention Chloroform. Another AMAZING rogue skill that works in every single build.
I think if I were to try to balance it I would apply a slow debuff on the character that had adrenaline sickness. Something minor really.