This command toggles (enables and disables) wireframe mode. In wireframe mode, wireframes are drawn around models (characters, objects, etc) rather than their usual textures. This creates a very unique/spoofy visual effect. The GUI is not affected by this cheat.
The above example is the only way in which you can execute this command. If the setting is enabled, this will disable it. If the setting is disabled, this will enable it.