A magus with this magus arcana
can spend 1 or more points from his arcane pool as a
swift action to imbue his weapon with a special power.
´with a special power´? Of course, we´re all special, but please re-word that. ;-)
Other than that, I don´t see a problem with this Arcana, I´ve seen complaints it´s expensive... But that´s only if you need to dispel high level spells. I see this more as something that you can put 3 points or so into when you have 1 round before a fight, and make one attack that much more effective (besides the Touch effects you may have going), given many opponents will have MANY buffs going, and even removing a lower level spell is always helpful.