In Jadeite's Guide to Inquisitors, break enchantment is described like this:
Break Enchantment - Not as versatile as Dispel Magic, but works when Dispel Magic doesn’t
For reference, the actual spell description is:
This spell frees victims from enchantments, transmutations, and curses. Break enchantment can reverse even an instantaneous effect. For each such effect, you make a caster level check (1d20 + caster level, maximum +15) against a DC of 11 + caster level of the effect. Success means that the creature is free of the spell, curse, or effect. For a cursed magic item, the DC is equal to the DC of the curse.
If the spell is one that cannot be dispelled by dispel magic or stone to flesh, break enchantment works only if that spell is 5th level or lower.
If the effect comes from a permanent magic item, break enchantment does not remove the curse from the item, but it does free the victim from the item's effects.
So, aside from working specifically against cursed items effects (though I would have assumed dispel magic would work just as well), the main difference from dispel magic is that it has a higher caster level limit for the DC check (15 instead of 10), is of course limited to enchantments, transmutations and curses, and takes a full minute to cast instead of 1 action.
All in all, this seems kind of weak for a 5th-level spell that takes 1 minute to cast. Am I missing something?