I got this for my necro. I tried it on the ranger. It did not dispell the first three spells, rather it seemed to be random as to which three spells went away.
I don't know if there is a pattern to what is dispelled, or if it is truly random, but for people who are depending on the top three or four slots to be junk buffs, this clicky will nullify that strategy. (nullify, har har!, get the joke?)