Well. it does what it says but that you clear the inventory of a player the armor clears too, so if you drop the inventory, only the items drop, the armor not, so you would clear the armor if a player have it on.
Meh. Funny idea, but why implement it using a command? I know it can't really be abused but anyway, why don't you just drop/clear every players inventory every 60 seconds instead of having players execute a command that does exactly this?