Teleports you to your starting location, but usually causes some falling damage. If you are immune to falling damage due to racial wings or a similar ability, this spell is strictly better than teleport without error. In the old days this spell could kill by teleporting into solid rock, this drawback has been removed as far as I know.

The in game help reads:

No saving throw.
Casting time: 3 rounds.
Type of spell: neutral spell.
Affecting stats: int.
Cast type: teleportation.
Spell point cost: 46.
Long ago, when early studies into teleportation magic  were being conducted, a
way to magically move oneself was discovered. Unfortunately, a few of the
early scholars were lost when they teleported themselves into cliffs and
building walls. This set back the study of this art many centuries. With time,
a different method was found to make the memory of location more precise.
After a bit, some adventuring scholars went back and managed to find twists to
the first teleportation spells that made them  work. Well, at least a little
better. This spell, while not perfect, is still much easier to use then the
later discovered spells. For the most part there have been no recent records
of users of this chant teleporting into solid objects, most may find
themselves a couple of metres above the air and land on  their rump, and that 
only hurts pride, doesn't it?