Exactly, it's essentially
"Sacrifice your next turn to negate all damage to you until the end of your next turn."
Which is fricking awesome. Disintegrate? Negate it. Ancient white dragon breath attack? Negate it. Assassin hitting you from stealth for 200 damage? Negate it.
It's not so much useful for staying alive when you'd otherwise drop, but amongst panic buttons its one of the best.