I know that it revives dead characters but what else can it do?
Revive bosses, probably a group of monsters. Disorient people in PvP and whatnot, and monsters too, since iirc it causes a confusion debuff.
Dunno if it’s still bugged, though.
Can it really revive bosses? I’ll have to try that. It’s really hard to expriment with this skill bec. of the item requirement 
Revive players, remove crowd control, displace mobs. Basically that’s about it 