Wizard's Boost

What does it boost? What limitations does it have? Does it follow the '2-identifier rule' of Muto Vim?
Basically, @Vespasian's question from here: Wizard's Boost

Does it in fact make Wizard's Reach (Form) etc irrelevant? Wizard's Boost

And then there was this ill-fated thread: Wizard's Boost for R / D / T as example MuVi spell

I personally am of the opinion that Wizard's Boost is a legacy spell that does not conform to the 5th edition, and needs to be either heavily errata'ed (nearly re-written) or taken behind the shed and shot. Metaphorically, obviously.