First of all, sorry if this is already known.
When you start a taunt and move, you teleport.
Other players will see you standing where you started the animation, when you finish it you teleport to the new location.
The collision works though, you can still block players while being "invisible" so i guess if they'd knew where you are, they could kill you aswell.
And they cant damage you. Soo you basically could teleport around the corner behind enemies. I uploaded a video from both sides, so you get a better idea of what i mean.
Build ID: 3242871
Steps to reproduce: Press F1, F2 or F3 and move normally, you need a bit of timing though.