40% cdr allows for 1/0.6 = 1.66 times the damage output if you spam spells like karthus Q.
In order to get the same 66% damage increase with ability power and if you have 0 ability power, then at max rank you would have to have 264 ability power. If you already have 400 ability power, then the number increases from 264 to 528 (beyond the 400 you already have, for a total of 928) because the 66% damage increase doesn't care if your damage comes from base or from scaling.
so basically, cdr is better for sustained damage on champions that rely on spamming their spells over and over. 40% cdr is hard to acquire through items, but certainly not as hard as 264 or 528 ap.
scaling cdr blues and quints provides 30% cdr at level 18. Abuse it. They are broken as fuck.