Sorry if you got confused, but untargetable means that bebob cant put a bomb on you, but a bomb already on you WILL deal dmg to you, so basically how i see this used is when you are running in a corridor from someone, you can activate the item and run straight through the enemy ignoring their bullets and skills. Think of it like Dark Willow`s shadow realm from dota 2. That said i like the idea of counterspell like item.