Chronos Patch

Then it's only useful for duo-lane, I think it's good that they make a item that rewards the support for doing his job though.

and btw, how does the teleport part work on the item (cooldown, casttime etc)?

Except it's not enough of a benefit over other items.

You spend 800 gold to get Watcher's Gift.

Math has been done by folks over at official, and you apparently need to spend over 20 minutes in the lane, letting your carry kill every minion with last hits, to make back what you spent on it. The laning phase usually won't last that long, and there are a variety of factors, namely enemy zoning, that can keep you from getting those last hits. You must also remember that any time you have to recall, or any time you decide to roam, you are essentially making this item go to waste.

Midas Boots are proven to give you more gold in a shorter timeframe (You are guaranteed that 800 gold just by having them for 13 minutes and 20 seconds), in addition to better stats and the real deal-breaker: movement speed to help you close gaps and escape better.
A combination of boots and potions would be more effective than buying Watcher's Gift.

Yes that's true, but Midas Boots costs 1400, which is 600 more gold. I've never really liked any of the gold per 5 items in Smite, just doesn't feel as necessary as in League of Legends to me. Also if you're starting out with Midas Boots you'll have issues with health and/or mana in the lane, forcing you to buy some more potions on your first way back, which Watcher's Gift provides, even if it's not a big amount.

Perhaps I need to explain some more details.

In the current meta, if you're the support or tank in a 2v1 lane, you shouldn't have to worry about running out of mana because you shouldn't be wasting it when your goal is simply to watch for your enemy to step out of position. You also shouldn't worry about getting poked by your opponent, because they'd be in a bad position most of the time they can do that.
In fact, you shouldn't be pushing your opponent much at all because then you're exposing your lane to the enemy jungler. That's where most of the damage you're going to take will come from. When a jungler ganks, you either live (and possibly kill someone), or die, it's rarely ever just a damage trade. Regen stats don't help you survive ganks, defense and mobility do.

Regen is only good if you're the solo in the 1v2 lane, because you have to be able to stay in against two opponents who can split their skill usage. But because you're getting last hits anyways as a solo, there's no point to taking Watcher's Gift. There's better ways to sustain, and that isn't one of them.