Deals damage. The power of this move depends on (user's weight / target's weight), rounded down. Power is equal to 120 if the result is 5 or more, 100 if 4, 80 if 3, 60 if 2, and 40 if 1 or less.
So, the users weight / the targets weight is 1, because they have the same weight here. And 1 as a result is 40 power, as mentioned above. Now, here's some damage calcs.
252+ Atk Choice Band Aggron Heavy Slam (40 BP) vs. 116 HP / 0 Def Aggron: 58-69 (18.7 - 22.25%) -- possible 5HKO
252+ Atk Choice Band Aggron Heavy Slam (40 BP) vs. 4 HP / 0 Def Aggron: 58-69 (20.56 - 24.46%) -- guaranteed 5HKO
So it just won't do much.
Hope I helped! :)