Disjunction would be a balanced spell if it worked as Dispel Magic with a 100% success rate and did not affect items. Unfortunantly, it does affect items, and with the commodification of magic in d20 and the expectations that places on the power of high level challenges, it has a wide variety of effects that are detrimental to game play. In the group of people I play with and around, I've heard of it being used twice. The first time, it was as a CR9 trap in a game of about that level, on a day the rogue wasn't there, and the campaign ended as a result. The second time, with a different group, it was cast on a high level party, debuffing the divine casters and the monk but destroying every magic item on the barbarian, causing that player to leave the game in frustration.
I think it's the worst spell in 3.5, entirely because of the rather sad direct convertability between magic, money and power and the regretable crippling dependency on 'stuff' rather than 'self' that high level melee characters face. Particularly in published modules with no way to regain the lost wealth, a melee character that is Disjoined has no way to recover that lost power, which is nearly the entirity of their character ability, and the party is generally better off if that player leaves the game or starts a new character.
It is designed to inflict crippling, irreperable damage (AFAIK, Wish can not reenchant items any better than it can create them in the first place) on a party, and it has the same effect on a fighter as something that would erase wizard spell slots, make gods forsake their clerics or make rogues forget their skills.
I think it's the worst spell in 3.5, entirely because of the rather sad direct convertability between magic, money and power and the regretable crippling dependency on 'stuff' rather than 'self' that high level melee characters face. Particularly in published modules with no way to regain the lost wealth, a melee character that is Disjoined has no way to recover that lost power, which is nearly the entirity of their character ability, and the party is generally better off if that player leaves the game or starts a new character.
It is designed to inflict crippling, irreperable damage (AFAIK, Wish can not reenchant items any better than it can create them in the first place) on a party, and it has the same effect on a fighter as something that would erase wizard spell slots, make gods forsake their clerics or make rogues forget their skills.