"AS IS" simply means the seller will make no repairs. There are two reasons a seller may want to sell "As Is"
1. The know that the house needs repairs but they don't have any money to make any repairs and they want the buyer to know that fact up front so that there are no issues later when the physical inspection report is completed.
2. The seller does not occupy the home and is not able to make any repairs on the home.
The ramifications are -
If the seller failed to fully disclose known issues on the home the buyer might be able to sue.
A buyer should always have a licensed physical inspection on a house regardless if it is an "as is" sell or not. A seller should at the minimum provide a Home Warranty to the buyer in order to avoid possible litigation.