It means that there are no guarantees from the seller that everything is in good condition and that they are not required to provide a Seller Disclosure. If you buy an “as is” home and then encounter major problems, you are responsible for repairs. When a home is sold as-is, it means that you are buying it in whatever condition it is currently in. You may still be able to perform inspections as you would in any other home.
However, you can't use those inspections as a way to negotiate repairs with the seller.