Article 48

If a state (8) does not fulfil the obligations laid upon it by the Reich constitution or the Reich laws, the Reich President may use armed force to cause it to oblige.
In case public safety is seriously threatened or disturbed, the Reich President may take the measures necessary to reestablish law and order, if necessary using armed force. In the pursuit of this aim he may suspend the civil rights described in articles 114, 115, 117, 118, 123, 124 and 154, partially or entirely.
The Reich President has to inform Reichstag immediately about all measures undertaken which are based on paragraphs 1 and 2 of this article. The measures have to be suspended immediately if Reichstag demands so.
If danger is imminent, the state government may, for their specific territory, implement steps as described in paragraph 2. These steps have to be suspended if so demanded by the Reich President or the Reichstag. Further details are provided by Reich law.

 Meaning

It means that the President can use the armed force if the state does not follow the rules of Reich constitution or its laws and the President has the power to suspend civil liberties in case of crisis. However if Reichstag did not think that it is appropriate then the President has to suspend his action.

 Importance

 This shows that the President has given too much power which is dangerous for the public as well as Reichstag itself. The explanation of using armed force and taking necessary measures to reestablish law and order if the public safety is seriously threatened or disturbed is appropriate but suspending the civil rights is indicating towards autocratic step, not democratic. I think the Reichstag were scared of the rebellions of right and left wings so they passed such kind of law to be able to control them, and is highly controversial  because of this law Nazis were able to turn the country towards dictatorship.