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Each time the wielder is sent out, it will not be able to attack on every other turn, starting with the second. Moves that take a turn to recharge, such as Hyper Beam, will use its recharge turn while the user is "loafing around." Entrainment, Simple Beam, and Worry Seed do not work when used on the wielder, although Worry Seed will work after Truant is suppressed by Gastro Acid (the former two will not work regardless).
Only two fully evolved Pokemon have this ability, Slaking and Durant. As Durant happens to get the infinitely superior Hustle, Slaking is the only real user, and as an ability, this ability has to be one of the worst in the game, if not the worst. It takes a probable Uber candidate Pokemon all the way to the bottom of the pile in terms of being usable, so it has no competitive use at all. Of course, Truant Durant could be used with Entrainment to irritate the opponent, but then all the opponent has to do is switch out on the free turn that Truant gives them (though it should be mentioned here that Entrainment Truant Durant is an extremely powerful weapon to use in the Battle Subway and Pokemon World Tournament, thanks to the AI's reluctance to switch out, giving a Pokemon with Protect almost infinite set-up time).
Found in Dream World