This only works if the caster doesn't have Soul Greatsword. Otherwise you could be dead. That spell is smazing against DEX builds or Spear users.
I just dodge under soul greatsword and laugh at them. It's still a matter of roll timing, though it caught me off guard the first few times I saw it.
Edit:
Wait, NG+ has no matching limits? Nice.
It still limits level. Just not soul memory.