Not too great on its own but this can cause Slinger ammo to drop, so it's a good way to restock in the middle of a long fight. After grappling onto a beast, you can perform a downward slash.
This doesn't interrupt your flow, so it can be worked into your different combos with ease. In the spirit of increased Slinger use, following a slash you can use a Slinger Burst, assuming you've got ammo left. When the Iai Spirit Slash is used just as you're about to be hit, it will not consume any of your Spirit meter. The Iai Spirit Slash naturally consumes one bar of your Spirit meter when used unless you have perfect timing. The Iai Slash will cause your Spirit meter to fill, forming a critical feedback loop with the Iai Spirit Slash that'll allow you to use powerful attacks quite frequently.
After assuming this form, you take a samurai stance and can slash out with one of two extremely quick attacks, either an Iai Slash or an Iai Spirit Slash. The Long Sword has an awesome new mechanic called Special Sheath.