This item filter, unlike the majority of filters on the vault, is not designed to be customizable. In my experience, you usually wind up fighting them to get it to do what you want, and most filters wind up being the same anyway.
So, this filter sacrifices customizability for ease of use. It is preconfigured to remove properties from all items on an entering character. It removes:
Immunities (all)
Damage Bonus vs. Alignment/Racial
Damage Reduction
Regeneration
Freedom of Movement
OnHit
OnMonsterHit
True Seeing
Cast Spell
OnHitCastSpell
Furthermore, it uses subtypes to discriminate between types that generally are wanted to be kept. Thus, the filter does not strip unique powers, alcohol, or on hit cast: unique power.
If you want something changed, leave a message in the comments, and I will give you the lines to add.
To use it, import the erf and set et_onenter to your onClientEnter script.