It lets you see invisible stuff within that range (found in MM2).
A creature that has blindsight can clearly see creatures or objects within a specified range and within line of effect, even if they are invisible or obscured. The creature otherwise relies on its normal vision.
A creature that has truesight can see invisible creatures and objects within a specified range as long as they are also within line of sight.

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.