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Every Pokemon on the user's side and party is cured of its major status condition. Pokemon with the ability Soundproof are also cured.
Heal Bell is one of the best supporting moves in the entire game. Being able to cure the whole team of debilitating status can give a team new hopes of setting up another sweep or outstall a certain threat. The term used to describe a user of Heal Bell is cleric, and they are an important part of nearly every successful stall team. Clerics are almost the sole reason why a stall team cannot be easily defeated by the opponent throwing around Toxic. Clerics also serve an important role on balanced teams by ensuring that the team's sweeper or wallbreaker won't be crippled by a burn or paralysis. In BW clerics serve another interesting role as a sleep-remover as well, curing the sleep of BW Rest users or those inflicted by an opponent's Spore or Sleep Powder, thus rejuvenating an otherwise useless team member.
The only real downside to Heal Bell is its limited distribution, with only a few usable Pokemon having access to the move. These Pokemon also limit the types of teams a cleric can be used on, making them predictable. And to top it all off, making room for Heal Bell on a moveset limits the offensive options that the Pokemon could have used instead to decrease the amount they are affected by Taunt or enemy set up sweepers.
Aromatherapy is a Grass-type equivalent.