There are a LOT of good uses for that move. You can incorporate it into combos: standing slash to left, then right, then a slight hop forward into the (very low air) lunge.
Yup, perform it right before you hit the ground from a long fall (or jump) and you will land nice and softly.
You can use it as a nice surprise attack: run towards opponent, tap jump, then perform the lunge.
You can use it as a counter: someone coming at you, you jump backwards then change direction in mid air towards them with it.
If they dfa in front of you, it can close the distance quick enough after they hit the ground.
There are more uses but I don't want to give away everything
I like to use it once in a while BUT like most any move there are counters that are easily learned so spamming it will only get you killed.