Since it says instantly moves 50 paces, I'm thinking it means move from Point A to Point B without covering the intervening space, teleportation. Note the flavor text of the spell Wizard's Leap says that they must be able to see the location or have an Arcane Connection. A ReCo 15 is not a hard spell to cast, and if they know it they can miss the spell level by 9 and still cast the spell successfully, which means that they can probably carry most if not all of their belongings if they have a Rego score of at least 5.
callen's thread on the Aegis should enlighten.