What does "slow" do?

[GG Crono]

It has come to my attention that WEYTWUT slows the enemy I target with it. Great!

So, uh, what does that mean, anyway? Cowards and blinkers aside, I've noticed that monsters have a tendency not to move much at any speed. They could not exactly be much slower, hm?

[Darvin]

It takes away first strike from the target, so your rogue can actually first strike a goblin or gorgon. For most classes, it's a more expensive alternative to GETINDARE.

[GG Crono]

Thanks.

And now here are some more words so that I can post this message.

[Galefury]

Actually there are more effects: slow not only takes away first strike, but also blink, coward and retaliation against fireballs. And it lets you strike first against the enemy even if it's higher level. Lots of nice stuff, but mostly useful for the first strike.