Except for the fact that, you know, the entire reason why it's allowed to deal so much damage for its recharge and endurance is because it's not a frontloaded attack. Unlike MG (which was half damage up front and the other half over the next 3 seconds and is now ~85% frontloaded and 15% DoT), Incinerate is balanced entirely around the fact that it's a DoT. The rule of thumb for DoTs is that any damage more than 3 seconds after the initial hit is considered to be "free" (i.e. not counted in the dam/rech/end formula). If it were frontloaded, I can guarantee that it would have its damage reduced by a fair amount: with 50% frontloading, the damage would drop by roughly 15% to compensate; 75% frontloading would cause a 20% reduction in total damage.
I believe that this power should change and get the same treatment that Midnight Grasp (and if i'm not mistaken a few other powers did), namely front load the damage instead of making it a high DOT power since most of the time its damage is wasted on an enemy that is dying or at least that is my personal experience with the power. For me that'd make it more useful since it always feels under powered when used in my attack chain. Bring the bulk of the damage in the initial hit and then have it give a lower dot hit and a slower pace.