Text (TE+errata): All creatures lose all abilities and are 1/1. [Oracle 1999/11/01]
Removes all creature abilities. This includes mana abilities, such as with Llanowar Elves. Animated lands lose the ability to tap for mana. [bethmo 1997/10/14]
See Interaction of Continuous Effects, Rule 613, for more details on how this card interacts with other effects. [D'Angelo 2007/07/19]
Does remove abilities from a creature entering play before any "comes into play" abilities can trigger. [D'Angelo 1999/06/01]
