This allows you to directly edit the effect of status effects. What we can edit mostly without problems are the "cancel" and "cannot stack on top of" boxes.
1) We can only currently change the CT on spells that already respect CT; we cannot add new CTs to spells that previously don't end (0 CT = status doesn't end).
2) Some status effects (like berserk or charm) require an enemy attack or spell to grant the status effect in order to function properly, and some don't function at all when cast on the player (such as invite).
3) One cannot inflict the jump status without glitching the game; charging, defend, jump, and perform cannot be voided with "cannot stack on top of" by any status effect except the ones given.
4) Even if Ignore Attacks is removed, units with the status still usually cannot be targeted by the player or AI.