The emanating blue pulse pushes enemies away for the duration of the item's usage.
Notes
The tears can be rammed into enemies while they're held by Telekinesis. They won't disappear until the effect ends but do no further damage.
As long as the item is used immediately upon recharging, Isaac is effectively immune to enemy bullets.
Catching shots from enemies that fire high into the air, like the Tube Worm, is very difficult and not beneficial; in the case of the Tube Worm, shots that are caught will just fall to the ground rather than be fired at enemies.
Synergies
Book of Virtues: Tears caught by Telekinesis become blue wisps in the outer ring. The wisps are outside the range of Telekinesis, making them vulnerable to shots before they can be converted to wisps. Wisps persist between rooms.
Interactions
? Card: The cooldown applies even when used through the ? Card.
9 Volt: Does not benefit from 9 Volt, unlike other auto-recharge items.
9 Volt grants half charge on use, effectively giving Isaac immunity to enemy bullets as long as the item is used immediately upon recharging.
The Battery: A Lil' Battery (or other battery) has to be picked up for another charge. Both charges are expended at once for a longer duration effect.
Car Battery grants 7 seconds of protection, effectively giving Isaac immunity to enemy bullets as long as the item is used immediately upon recharging.
Sharp Plug: Charge gained from Sharp Plug is expended immediately and won't stop enemy shots.
This item and the pickup sprite may be a reference to The Matrix, where the protagonist Neo can stop bullets in mid-air when they are directly in front of him, holding out his right hand exactly how it's represented in the sprite.
Bugs
Bug!
When Pause is used while Telekinesis is active it creates a second ring that stays in place where Isaac used "Pause" which lasts for Telekinesis's remaining duration. Moreover both rings are flashing and the second ring can not block enemy tears for the duration. Any tears that were still caught in Telekinesis’s radius before using Pause become incredibly slowed and indefinitely follow Isaac until he shoots.
After a shot has been held for two seconds, it is fired back as a tear.
When the effect is about to end, all shots are fired back.
Tube Worm, is very difficult and not beneficial; in the case of the Tube Worm, shots that are caught will just fall to the ground rather than be fired at enemies.
Book of Virtues: Tears caught by Telekinesis become blue wisps in the outer ring. The wisps are outside the range of Telekinesis, making them vulnerable to shots before they can be converted to wisps. Wisps persist between rooms.
? Card: The cooldown applies even when used through the ? Card.
9 Volt: Does not benefit from 9 Volt, unlike other auto-recharge items.
The Battery: A 
Lil' Battery (or other battery) has to be picked up for another charge. Both charges are expended at once for a longer duration effect.
Car Battery: Has no effect.
Sharp Plug: Charge gained from Sharp Plug is expended immediately and won't stop enemy shots.
Bug!
Pause is used while Telekinesis is active it creates a second ring that stays in place where Isaac used "Pause" which lasts for Telekinesis's remaining duration. Moreover both rings are flashing and the second ring can not block enemy tears for the duration. Any tears that were still caught in Telekinesis’s radius before using Pause become incredibly slowed and indefinitely follow Isaac until he shoots.
The Binding of Isaac: Rebirth
