Not to threadomance, but this is a fascinating discussion. Shouldn't Time be in the conversation with /Rad and /Dark? Chronoshift makes perma-Army even easier, and it's pretty close on -regen and ally buffing.
What -Regen? AFAIK, Time Manipulation had a 100% Regen debuff that could be kept permanently (easily), and a 50% Regen debuff that could also be easily kept up permanently, but neither was stackable. So it put out a relatively low -150% Regen debuff.
Meanwhile, /Regen keeps up a pretty permanent -500%, and /Dark had about -300% if you kept Twilight Grasp stacked, plus another -500% from Howling Twilight that was up almost half the time. Given chances to miss and the fact that when HT was up for /Dark it actually had wasted -Regen, both Dark and Rad can break 450% while Time is at 150%.
-Resist is higher for Dark, and about equivalent for Rad. Rad puts out more damage output boost with A-M and a Recharge boost, while Time only has a Recharge boost.
Defensively, Time does kick butt. And for Illusion specifically, it's even easier to make PA permanent with Time than with Rad. So you do cover the defense pretty strongly with Time (although against an AV not as strongly as Dark's ability to layer Defense, -ToHit, and -Damage). But offensively against an AV, Time is pretty far back.
The leaders in secondaries for offense against AVs are Storm, Ice, Dark, Rad, Poison, and Thermal, in about that order. There are a few shifts that happen depending on primaries (/Kin becomes good when paired with Fire, for example), but Time is really in the set that does some damage boosting but not a great amount of it. It's basically better than Empathy and Force Fields and that's about it.