Yes, it works just like the raise spell. The Weakness Debuff is a consequence of getting rezed by any method.
The problem is, It's unique item status makes it compleatly worthless. You can rez people who aren't in your party, you can't rez in battle with it, and you can only carry one at a time.
As it sits they are 100% worthless. I just carry one because every now and again I can rez a healer that went down durring a pull or boss battle and save them the walk back.
