It removes time counters from stuff with Vanishing as well.
If the last time counter is removed from a permanent with vanishing and the sacrifice ability is countered, that permanent will remain in play indefinitely with no time counters on it. Neither of vanishing's two triggered abilities can possibly trigger again. Similarly, if a permanent without time counters on it that's already in play becomes a copy of a permanent with vanishing, it will stay in play indefinitely. If a permanent with one or more time counters on it that's already in play becomes a copy of a permanent with vanishing, it will vanish as normal.
Shouldn't that mean
- Chronozoa + sac outlet will go infinite.
- Ravaging Riftwum and Waning Wurm are cheap fatties
- Lost Auramancers becomes Academy Rector (ish)