Just had a look at the japanese wiki there and it looks like it says that there is a base damage using the formula you posted but also for each buff that you "cancel" there is additional damage. The second formula showing this isn't very clear.
Something along the lines of
Damage of one buff removed = (AP - DP) x Physical Tolerance Magnification
Perhaps I'm just reading this wrong, I am using google translate after all.
Also, apparently it doesn't work in CT and doesn't work on Dark Shield. Also suggests it doesn't work on Damage absorbers? So SoH and Sumo Suit too?
Edit: Judging by the original skill gifs in this thread, the skill will be an AOE around the user and will work on SoH.
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Level 2XX HP Coon - Lemma
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Last edited by Mike; 08-13-2012 at 12:02 PM.