Full: Resurrect target party member. Target party member is returned to life with 25% Health and zero Energy, and is teleported to your current location. All of target's skills are disabled for 10...4...3 seconds. This spell consumes all of your remaining Energy.
Concise: Resurrects target party member (25% Health, 0 Energy). Teleports target to you. Disables target's skills (10...4...3 seconds). You lose all Energy.
The teleportation effect allows downed allies to be pulled out of monster aggro fairly easily, making Rebirth a powerful tool for recovering from near-wipes in PvE.
The energy-drain effect of this spell makes it undesirable in the heat of battle.
The spells side effect of draining all of your energy can be somewhat negated by casting it with a low energy weapon set and switching back to a set with a higher energy bonus after the energy has been drained.
If you equip a hero monk with this spell, be sure to keep it disabled and only use it manually, as heroes make poor choices about using this in the heat of battle.
Updates have caused minor issues with this skill; sometimes the resurrection part of the spell will occur before the teleportation part, causing the aggro to be pulled towards the caster. This can mean trouble in the case of a near party wipe. Due to the fact that this skill upon completion removes all energy of the caster and disables the resurrected allies' skills, it becomes a great deal more difficult to survive if additional aggro is drawn.
Works well if combined with Glyph of Essence, as you would still lose all energy without it.