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like other sites. A starting amount that slightly increases the deeper you go for tournaments and a set amount for cash tables. Once its gone its gone. So it doesn't slow play down too much but gives you some extra time when making those difficult decisions.
Its a pretty basic feature. Cant believe sky doesn't have one
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I will say that I have seen it kind of mis-used in tournaments with players on small stacks when the bubble is close and they are more focused on a min-cash (yes they are nuts) than trying to run deep. Still they only get to do it once. But this is only place I've seen it abused (if that is the right term for it).
I've been playing on other sites about 6 years, so seen and used time banks a fair bit. Not sure why you think they would be abused. I also think it is a good tool for the novice player that sometimes needs a little more thinking time on some occasions to work out where they are in the hand. While experienced player often need only a second or two to make a choice it's not the same for all players. And even the good players get in spots where they aren't sure where they are in the hand. I know it happens to me.