While the amplitude remains untouched, the filter introduces a frequency-dependent delay. Low frequencies might pass through almost instantly, while high frequencies are delayed (or vice versa, depending on the filter topology). This alteration of the signal’s internal timing structure is the "allpassphase."
Mathematically, the transfer function of a first-order allpass filter is: allpassphase
So, what does it do? It changes the between different frequency components. While the amplitude remains untouched, the filter introduces