Spawn timer appears to be 8 hours, should be 6.5 hours.
Only post I can find is from 2010, but as far as I know Sky was never changed.
http://eqbeastiary.allakhazam.com/se...72782128124473
Most posts claim Eye is "always up", but I'd take that to mean that whenever people actually showed it was up. There's also an oft-copied guide floating around that says "always up", probably the source of the rumor.