It isn't an immunity, it's simply checked for success in a different manner.
And you clearly didn't read the rest of my post, since you're still inserting words that aren't in the actual text. You added the term "functions as", when the issue is entirely about whether "as" means "functions as" or "in the same way as". The former means you're making normal Dispel Checks with a +10 CL max, if you take it literally. The latter means that, as Psyren previously said, flying casters would drift slowly to the ground.
I personally think Psyren's interpretation is RAI. But neither is RAW, because RAW is ambiguous.