I find the delay is longer for changing back too. Changing into the lord causes an instant noise, and then the anim plays at the conclusion of the noise. For back, you press it, walk around in circles for 10 seconds, then get the noise, then turn back, then lose your clothes (you appear with them on then you get them taken off? o_O)
That last part definitely sounds like a glitch, I don't think the lords are supposed to even have their items unequipped. Especially since I hear the armor stats carry over.
The 10 seconds thing for it to deactivate may be normal. Even with the werewolf after the animation for reverting it takes a few moments to actually become human, maybe about the time it takes for the transformation into the wolf to occur.