Invulnerability prevents the user from taking any damage from basic attacks, specials, super moves, or enemy passives. The effect, such as those provided by The Batmobile, Green Lantern/John Stewart's passive, and the Astro-Harness gear will also protect the user from all forms of status effects, except damage over time effects that can be applied while they are shielded and start affecting them after the invulnerability wears off. Bleed is an exception in that they will continue to damage the invulnerable character, but only at 1/6 of the normal damage.
Raven/Prime's health swap is unaffected by invulnerability.
Passive-based disable special will ignore invulnerability, but gear-based disables need to hit and will have no effect.