What is the effect of having a criminal charge dismissed under section 1203.03.4 of the California Penal Code?

^1. "The 'release[ ] from penalties and disabilities' provided in Penal Code section 1203.4 is sometimes referred to as 'expungement' of the conviction. . . . [H]owever, . . . Penal Code section 1203.4 does not, strictly speaking, 'expunge' the conviction, nor render the conviction 'a legal nullity.' [Citation.] For example, charges dismissed under Penal Code section 1203.4 may be treated as convictions for some purposes (e.g., impeachment with prior conviction in a future prosecution). However, the 'release[ ] from penalties and disabilities' is a palpable benefit, such that the conviction may be treated as if it were not a conviction for most purposes." (People v. Guillen (2013) 218 Cal.App.4th 975, 996.)

^2. All further statutory references are to the Penal Code unless otherwise stated.