Does this grant immunity to status effects such as stun, charm, freeze, fear etc? Also, is this achievable?
I did it once with my monk for the fun of it, and sold the equipment later on.
What happens? The frozen/jailed animation kicks in for a moment, and you are free a millisecond after that. Although, this was pre 1.03 patch. I don't know if they changed this behaviour afterwards.
Note: This is mainly to point out post-1.0.3 changes which bora didn't cover in his post; I haven't done any testing on 100% CC reduction - hopefully bora or someone else gives us more details.
From the patch 1.0.3 notes:
As they specifically mention chilled, I imagine it works as described for Frozen - no idea if Jailed also means you get to drag along the jail at half speed, if you have 50% reduction.