I wish we could get the exact definition of it and maybe even a list of debuffs it will remove if it's supposed to remove debuffs.
Just like the description on dispel states, it removes x magical effects from the target (could be yourself).
Dispellable buffs include:
Invuln, One, Accelerando, BecomeDeath, BoltStorm, Conviction, Flame shield
Dispellable debuffs include:
Beguile, Confuse, Curse, DeepFreeze
Those are just a few. Some of the buffs wont be dispellable until the next patch as they were missing the magic tag on them.