I want to reverse the changes from one of my checkins. In the right-click context menu of the particular changelist, there are these two options:
Backout restores or undoes our changes. The way it does this is that, P4 undoes the changes in a changelist (default or new) on our local workspace. We then have to submit/commit this backedout changelist as we do other changeslists. The second part is important here, as it doesn't automatically backout the changelist on the server, we have to submit the backedout changelist (which makes sense after you do it, but i was initially assuming it does that automatically).
As pointed by others, Rollback has greater powers - It can restore changes to a specific date, changelist or a revision#