The description on the Power card indicates that it gives Allies attack and movement speed. Members of your team would receive bonus ranks of Burst Fire and Relentless, and twice their normal amount of movement across the battleboard.

You may not have noticed anything if these epic talents failed to trigger during the battle, but you should have noticed being able to move farther, I would think.

It triggers randomly. In a PvE scenario, it triggers fairly rarely, since it's a "low priority" move (moving and attacking are normally prioritized more highly). In a Ranked PvP scenario, a round 1 or round 2 pet spawn is essentially guaranteed to trigger Time Warp, since the pet is only able to use that, as it's immobilized. This is why Time Warp is such a popular talent.