The time limit is how long ichigo can access the extra powers gained by utilising the powers of the hollow inside him. When 11 seconds is up he will lose control of the powers but the hollow won't gain control of him as thats stupid as how would one know their own limit.
When the time limit is up the mask will disappear and shatter and ichigo will either have to fight without it which is equally stupid or more probable activate the 'mask' again and use the powers of the hollow once again. The main issue is how long is the cooldown between the moment the 11 seconds is up and ichigo can regain access to the powers granted by the inner hollow. If there is no cooldown the issue exists of the opponent knowing what will happen and therefore every 11 seconds ichigo will be vulnerable and be open to attack as he is forced to back off and use one hand to 'put on' the mask and we all know ichigo can't fight one handed.
edit: nice post krytha

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