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According to Morality - Mass Effect Wiki : characters, assignments, screenshots and guides for the Mass Effect universe!

75% of Renegade points - opens 2 Intimidate ranks, gives 1 Intimidate point, 5% increase in damage/duration on all weapons and powers

and 75% of Paragon points - opens 2 Charm ranks, gives 1 free Charm point and 5% reduction in cooldown on all powers.

I have not seen any confimation of the increase in damage and the reduction of cooldown in game, can anyone back this up?

Well, as far as I know, this numbers are correct. It's very hard to verify this in game without access to the numbers generated. I never heard of this being broken, though, so I assume it works as described.
The free ranks in Intimidate/Charm are there, though, unless you have maxed the respective skill.