It can work like a lobotomize for removing spell-buffed opponents. I don't know if there's any way to differentiate between momentum cast by a spell and regular momentum, but removing momentum altogether could be fine.
It has huge utility in that it can also remove poison, freeze, delay, gravity pull from your own creatures though. I just don't like that there's no counter to conditions like congeal and delay (which last up to 4 and 6 turns, respectively)- but a card just to deal with that would fall the way of Purify and be useless. This is a way to save your creatures, or to remove opponent buffs if they aren't hitting yours with status. The fact that it can remove the opponent's stuff is just so there is actually a reasonable cause to carry it in a deck and it's not as limited for usefulness.
The idea of disenchanting a creature could be removing positive or negative effects from a spell cast on it, so I don't think it's too much of a stretch to have it do both of these things.
