Yes, it has a 10-minute recast time, which alao applies right after you memorize it. Otherwise, you could sit and mem it and Cheetah right away. That would be too easy. Keeping it memorized all the time is the price we pay for the life-saving power of Cheetah (or life-taking power, if you’re in pvp).
http://wiki.project1999.com/Spirit_of_Cheetah