Technically, it doesn't reset the swing timer anymore, it delays the swing for the duration of the cast. That is, if you are at 1sec into a 1.5s swing timer, hit a spell, it will hold the swing, cast the spell, then continue the swing @ the remaining 0.5s. That's how it's supposed to work, but who knows if that's the way it does or continues to work {I've been unsubscribed for a few months now}.
The loss in DPS is actually from the fact that stopcasting is exactly that...a command to cancel a cast in progress. It is not a "only try to cast if this is instant". With latency and other delays between the activation of the spell and the termination of the spell via stopcasting in relation to instant spells, you are increasing the time it takes for a white swing to complete. Thus, you take that 1.5s weaponswing then add the 1.5s cast time of a non-proc Exorcism and subtract whatever for the actual termination of the cast, you have the potential for that 1.5s swing to actually take 2-3s to complete.
If it reset the swing timer, it would be the Xs of wasted swing time + 1.5s cast time + 1.5s swing timer - termination = at least 3s, increasing exponentially for every attempt at failed stopcasting and interrupted swing, where you could run into issues where every attempted swing is reset.
See here for a down and dirty comparison using stopcasting in the spam macro.
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