Keywords that this ignores, by my interpretation: Peril (!), Alert, Retaliate, Elusive, Haunted
Keywords that this does not ignore: Aloof (cannot even trigger the fight/evade to initiate the test), Exile (cannot be ignored per new Errata), Surge (triggers before the skill test), Swarming (triggers when the enemy spawns)
Keywords that probably aren’t ignored: Victory/Vengeance (adding to the victory display could be a "keyword effect that would trigger during the test" depending on interpretation)
As far as I know, this is the only card in the game that can ignore (your own) peril effect. This is interesting and allows the other investigators to help your decision and commit cards to your peril, but not necessarily that strong. Of the other keywords, ignoring Elusive seems the strongest, and ignoring Alert/Retaliate/Haunted seem like very minor bonuses because you're trying not to fail the skill test anyway.
As for location effects that would trigger during a skill test: Other than Obscuring Fog in the Core set, this seems pretty rare, since a large number of location effects happen before the skill test anyway. And Read the Signs is just a much better solution in most cases.
I think the rarity of actually activating the effect makes it hard to justify including over other options such as Unexpected Courage. On the other hand, if it were 0 exp like Unexpected Courage it would be an auto-include in almost any Willpower character, so I think the power level is in the right spot.
In Diana, this is slightly better, but per my interpretation Retaliate/Alert only trigger her ability if she fails the test because this does not ignore keyword effects that would not trigger. This makes it sort of awkward in that situation.