Vindication
 

When does it proc?

Does it dispel yourself or the target?

Would it be a good weapon to keep when it starts procing?

Here is the weap I'm talking about just incase.

MAGIC ITEM LORE ITEM
Slot: PRIMARY
Skill: 2H Slashing Atk Delay: 45
DMG: 35
STR: +8 DEX: +9 HP: +30
SV DISEASE: +12 SV POISON: +12
Effect: Cancel Magic (Combat, Casting Time: Instant)
WT: 10.0 Size: LARGE
Class: PAL SHD
Race: ALL

That weapon would dispell debuffs so probably not a great every day weapon to use. If you need to dispel something quickly may as well pull the mob with the spell rather than wait for this to proc. Also the ratio is quite poor compared to alot of weapons you can get now. I think cancel magic should only dispel the target.

According to ZAM comments it dispells yourself, so it's going to be a liability once it procs.

It seems like a situational blade to clear rebuffs on you without having to spend time casting spells

This is why Brell created pumice stones. On blue, I think they're even instant cast.

They are not instant on Blue.

How many spells get dispelled?

When level does it proc?

I dont know what level this procs at but I can tell you about cancel magic...

Dispel is a tricky subject. Depends on what's in buff slot 1 on your character, that's also a whole different conversation as well.
With that in mind, if buff slot 1 is a beneficial buff then typically that buff will be dispelled.
If buff slot 1 is a magical debuff like say Malo, cancel magic will remove one counter from that debuff. Hypothetically, lets say Malo has 10 debuff counters, this proc will remove 1 counter.